As a seasoned researcher who has navigated through numerous market cycles, I must say that the current downtrend of XRP is nothing new to me – it’s just another day in the unpredictable world of cryptocurrencies! However, the death cross on its hourly charts does raise some concerns.
Over the past three days, the value of XRP, the seventh-largest digital currency, has significantly dropped. This decline started from its peak on July 31 at approximately $0.659, a level not seen since late March. Despite efforts to recover, XRP has found it challenging to regain stability and find solid support during this period.
It appears that the recent drop in XRP‘s price could potentially be linked to overall market mood and investors cashing out following XRP’s remarkable surge in early July. The crypto market as a whole has witnessed heightened volatility, causing other digital currencies to face similar decreases in value.
On Friday, the markets continued selling off due to a significantly worse job creation figure for July than anticipated. This unexpectedly weak data sparked worries that the United States might be heading towards an economic recession.
In the midst of this continuous market decline, XRP encounters a troubling technical signal known as a “death cross.” This happens when the short-term average line drops beneath the longer-term average line in its short-term price graphs.
The hourly chart of XRP has recently shown a specific pattern: the 50-hour moving average has dropped beneath the 200-hour moving average. This phenomenon, known as a “death cross,” is often seen as a bearish signal, suggesting possible additional price decreases ahead.
XRP shows potential rebound
Although the hourly death cross might raise concerns, it’s crucial to remember that it doesn’t necessarily foretell the direction of future price fluctuations outright. The market is dynamic, and Ripple (XRP) could potentially receive support at lower prices, possibly triggering a rebound.
Following a three-day downtrend, the price of XRP bounced back during today’s trading, recovering from a low point near $0.542 that was close to the Daily Simple Moving Average (SMA) 200. At the time of press, XRP was experiencing minor losses, having dropped by approximately 0.96% over the last 24 hours, with its current price standing at $0.567.
During this period, keep an eye on significant resistance points like $0.52, which aligns with the 50-day Simple Moving Average, and $0.403, which may potentially serve as a floor if the price drops further. Notably, XRP experienced a powerful surge in early July following its confirmation at the $0.403 support level. If XRP manages to maintain a break above the $0.659 barrier, it could trigger a fresh bullish trend for the cryptocurrency.
Over the next few days, observers will keep a close eye on XRP‘s price movements to determine if it can recover and counteract the recent drops.
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2024-08-03 15:09