Crypto NewsRipple (XRP)

What Next Ripple After Plunging Below $0.6? (XRP Price Analysis)

                                                            Der Cryptomarkt erlebte gestern einen starken Rückgang und löste viele Long-Positionen auf.  Viele Cryptowährungen nähern sich ihrem langfristigen Unterstützungsniveau, und es bleibt abzuwarten, wie Bullen sie verteidigen werden.

Technical Analysis

By Grizzly

The daily chart

In a daily time frame moves XRP down within a descending channel (in yellow). The intersection of the channel’s midline and horizontal support at $0.5 (in green) is a crucial level to monitor. If the bulls defend it, expect the channel top to be retested around $0.8.

Otherwise, the bears have the potential to sink the price as low as $0.37. If buyers can sustain the price above $0.5 and accumulate in this area, the bearish momentum would fade and open the doors for a possible move higher.

The bottom line based on current sentiment is that the market appears to be in the doubt/fear phase and buyers are not very inclined to make large purchases.
What Next Ripple After Plunging Below $0.6?  (XRP Price Analysis), Crypto Trading News TradingView
Moving Averages:

MA20: $0.67

MA50: $0.75

MA100: $0.74

MA200: $0.84

The 4 hour chart

Although the pressure from sellers on the 4-hour timeframe has eased, the intersection of the horizontal resistance at $0.63 (in blue) with the dynamic Resistance (in red) pose a serious barrier to the price recovery.

Therefore, it is important to see how the price will behave around it before drawing any further conclusions.
What Next Ripple After Plunging Below $0.6?  (XRP Price Analysis), Crypto Trading News TradingView

Source: Crypto News Deutsch

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