XRP Price Prediction: Why The Bulls Could Protect This Crucial Support

Nov 9, 2022

Metablox NFT save memories to the blockchain

OWN PLACES • SAVE MEMORIES

Everyday we create memories that are attached to places, but how will future generations know what happened to us? 

Metablox is saving our most important memories on the blockchain, and you can own the real world places the memories happened.

XRP Price Prediction: Why The Bulls Could Protect This Crucial Support

Originally posted here.
By: Aayush Jindal

Overview

XRP price started a major decline from the $0.50 resistance against the US Dollar. The recent collapse of FTX and FTT sparked a sharp move towards the $0.32 support. Ripple is down over 15% and there was a drop below the $0.40 support against the US dollar. The price is trading well below $0.4000 and the 100-day simple moving average. There was a break below a major contracting triangle with support at $0.455 on the daily chart of the XRP/USD pair (data source from Kraken). The pair could start a recovery wave if the bulls remain active near the $0.32 support. Ripple’s XRP Price Tests Key Support In the past 3-4 days, the crypto market saw a major decline. Bitcoin, ethereum, ftt, bnb, and sol saw a substantial decline. Ripple’s XRP price also faced the heat and declined heavily from the $0.50 resistance zone. There was a clear move below the $0.450 and $0.40 support levels. Besides, there was a break below a major contracting triangle with support at $0.455 on the daily chart of the XRP/USD pair. The pair dropped below the $0.350 support and tested a crucial support at $0.320. A low is formed near the $0.320 level and the price is now consolidating losses. XRP is now trading well below $0.4000 and the 100-day simple moving average. An immediate resistance is near the $0.3650 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.5099 swing high to $0.3200 low. The first major resistance is seen near the $0.380 level, above which the price might recover towards the $0.415 level and the 100-day simple moving average. Source: XRPUSD on TradingView.com The 50% Fib retracement level of the downward move from the $0.5099 swing high to $0.3200 low is also near $0.415. A clear break above the $0.415 resistance could open the doors for a sharp increase towards the $0.5000 resistance. The next major resistance above the $0.5000 level could be near the $0.5200 level. Dips Supported? If ripple fails to clear the $0.380 resistance, it could start a fresh decline. An initial support on the downside is near the $0.3400 level. The main support could be near the $0.3200 level or the $0.3000 zone. If the price fails to stay above $0.3000, it could start another major decline. Technical Indicators Daily MACD – The MACD for XRP/USD is now losing momentum in the bearish zone. Daily RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.3400, $0.3200 and $0.3000. Major Resistance Levels – $0.3650, $0.3800 and $0.4150.

The Post

XRP price started a major decline from the $0.50 resistance against the US Dollar. The recent collapse of FTX and FTT sparked a sharp move towards the $0.32 support.

Ripple is down over 15% and there was a drop below the $0.40 support against the US dollar.

The price is trading well below $0.4000 and the 100-day simple moving average.

There was a break below a major contracting triangle with support at $0.455 on the daily chart of the XRP/USD pair (data source from Kraken).

The pair could start a recovery wave if the bulls remain active near the $0.32 support.

Ripple’s XRP Price Tests Key Support

In the past 3-4 days, the crypto market saw a major decline. Bitcoin , ethereum , ftt, bnb, and sol saw a substantial decline. Ripple’s XRP price also faced the heat and declined heavily from the $0.50 resistance zone.

There was a clear move below the $0.450 and $0.40 support levels. Besides, there was a break below a major contracting triangle with support at $0.455 on the daily chart of the XRP/USD pair. The pair dropped below the $0.350 support and tested a crucial support at $0.320.

A low is formed near the $0.320 level and the price is now consolidating losses. XRP is now trading well below $0.4000 and the 100-day simple moving average.

An immediate resistance is near the $0.3650 level. It is close to the 23.6% Fib retracement level of the downward move from the $0.5099 swing high to $0.3200 low. The first major resistance is seen near the $0.380 level, above which the price might recover towards the $0.415 level and the 100-day simple moving average.

Source: XRPUSD on TradingView.com

The 50% Fib retracement level of the downward move from the $0.5099 swing high to $0.3200 low is also near $0.415. A clear break above the $0.415 resistance could open the doors for a sharp increase towards the $0.5000 resistance. The next major resistance above the $0.5000 level could be near the $0.5200 level.

Dips Supported?

If ripple fails to clear the $0.380 resistance, it could start a fresh decline. An initial support on the downside is near the $0.3400 level.

The main support could be near the $0.3200 level or the $0.3000 zone. If the price fails to stay above $0.3000, it could start another major decline.

Technical Indicators

Daily MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.

Daily RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.3400, $0.3200 and $0.3000.

Major Resistance Levels – $0.3650, $0.3800 and $0.4150.

SHARE THIS POST

Add your voice!Join the conversation on Discord...