Last weekend, the cryptocurrency market saw significant bearishness, driven by heightened geopolitical tension between Iran and Israel. Bitcoin dropped to a low of $61,500, while most altcoins, including XRP, experienced prolonged corrections. In just one week, the price of XRP plummeted from $0.643 to $0.49, representing a 24% decrease. This sharp decline broke through the support of an extended uptrend line, suggesting the possibility of further decreases.
Is XRP Price Heading Below $0.4?
For the past nine months, the XRP price has moved in a relatively stable back-and-forth pattern between two trendlines that are gradually coming closer together. The difference between the resistance level where sellers might step in and the support level where buyers could enter is shrinking, indicating a lack of strong buying or selling pressure.
This past weekend, a geopolitical crisis in the Middle East caused a sudden drop in crypto prices, sending XRP‘s value below $0.5. Since early 2023, a supportive trendline had kept XRP’s price above this level. However, on April 13th, this trendline was broken, marking a significant decrease in the cryptocurrency’s value.
If the current descending pattern persists, XRP may drop approximately 14.5% and touch the support it has held for several months at $0.419. From a less optimistic perspective, if the market experiences a more significant correction, XRP’s price could slide down to around $0.35 or even $0.3.
Will Bitcoin Halving Change Dynamic?
Around April 20th this year, an important Bitcoin event called halving is predicted to take place. Happening roughly every four years, halving reduces the reward given to miners for each block from the present 6.25 bitcoins to 3.125 bitcoins. Previously, such occurrences have sparked heightened market attention and typically resulted in a price increase several months afterwards due to decreased new bitcoin supply if demand remains steady or escalates.
If the recent downturn in XRP fails to gain traction in the upcoming week, buyers have a chance to regain control and initiate a price recovery. Should the selloff weaken or falter, the buyers’ confidence could grow, potentially leading them to attempt reclaiming their lost ground.
Technical Indicator
- Exponential Moving Average: The decline in the 20 and 50-day EMAs suggests that sellers are currently dominating the price movement of XRP.
- Relative Strength Index: The daily RSI position just above the oversold threshold suggests a potential minor rally may occur before further downward pressure resumes.
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2024-04-15 21:27