June 24, 2024

XRP Price Brings Dip Opportunity At $0.45 Support; Buy Now?

As the negative sentiment around the crypto market rose with the expected interest hike from US Fed, most major crypto coins were facing uncertainty in their price trend. Hence, the XRP coin being no exception, its price continue to wobble between two absolute barriers. Thus, a breakout from either of the range levels will influence the future trend for Ripple(XRP)
Key points from XRP price analysis:

  • The ongoing correction plunged the XRP price back to a 50% Fibonacci retracement level
  • A bearish crossover between the 20-and-200-day EMAs encourages sellers for a longer correction
  • The intraday trading volume in the XRP is $4.5 Billion, indicating a 123% gain.

The XRP coin price has been resonating between the $0.55 and $0.45 barriers over a month, indicating a range-bound rally. The role of this consolidation phase is to sustain prices after the exceptional rally in September.

Furthermore, the altcoin has retested both the aforementioned barriers twice, indicating the traders are responding to those and could assist in influencing the market price. As of now, the XRP price currently trades at 0.4433, with an insignificant intraday loss of 0.04%.

However, the coin faced sharp selling earlier today, encouraging sellers to breach the combined support of $0.45 and the 50% Fibonacci retracement level. However, as the market sentiment eased off, the price regained the lost ground and reflected a long-tail rejection candle.

Such lower price rejection indicates the buyers are defending this level and attempting to push the price higher. Thus, this reversal signs at strong support, such as 0.5 FIB, offering a dip opportunity for sidelined buyers.

Moreover, the replenished bullish momentum could push the prices 21.5% higher to rechallenge the $0.55 mark.

On a contrary note, if the market sentiment worsens, a breakdown below the $0.45 support will extend the price correction.

Technical Indicator

Relative Strength Index: the daily-RSI slope nosedived below the neutral sentiment indicates the market sentiment has turned negative and strengthens the possibility for a $0.445 breakdown,

EMAs: the 50-and-100-day EMAs on the buyers’ side offer additional support to prevent further downfall.

Resistance levels: $0.512 and $0.55
Support levels: $0.435 and $0.41