XRP Rally To $0.6360 Subsides As Price Faces New Decline
July 23 2024 - 7:00AM
NEWSBTC
In recent trading activities, XRP has taken a significant hit in
its latest attempt to rally toward its previous high of $0.6360.
Despite initial bullish momentum suggesting a potential breakout,
XRP could not sustain its upward trajectory. The failure to reach
the anticipated target has led to a notable decline in value,
raising concerns among traders and analysts about the short-term
outlook for XRP. As XRP struggles with these hurdles, this article
seeks to analyze its current price movement and the technical
indicators suggesting a sustained drop. The goal is to provide
readers with a comprehensive understanding of the token’s potential
future trajectory. XRP was trading at $0.5974 at the time of
writing, indicating a 1.13% gain. The cryptocurrency has garnered a
trading volume of more than $2 billion and a market capitalization
of more than $33 billion. Over the past day, XRP’s trading volume
has increased by 41.17%, while its market cap has increased by
1.13%. Initial Bullish Momentum Falters On the 4-hour chart,
although XRP is still actively trading above the 100-day Simple
Moving Average (SMA), its price is currently on a bearish move
towards the $0.5725 mark after failing to sustain its upward
trajectory. If the digital asset continues its current bearish
trend, it could drop below the $0.5725 mark. The 4-hour Composite
Trend Oscillator indicates that XRP may continue its bearish
trajectory toward the $0.5725 mark, as the signal line is currently
attempting a drop below the SMA of the indicator. If the signal
line crosses below the SMA, both lines are likely to move toward
the zero line, signaling a potential extended decline for the coin.
On the 1-day chart, following the failure of XRP to sustain its
upward trajectory to its previous high of $0.6360, the price is
currently attempting a single candle bearish move toward the
$0.5725 mark, trading above the 100-day SMA. This bearish momentum
may drive the digital asset to reach the $0.5725 mark. Lastly, it
can be observed that the signal line is currently trading in the
overbought zone and is attempting to move downward toward the SMA
of the indicator. This formation in the composite trend oscillator
suggests that XRP’s price may continue its bearish movement toward
$0.5725 before potentially starting to move upward again. Expert
Insights On Crucial XRP Levels To Monitor Should the price of
XRP decline to the $0.5725 mark and encounter rejection, it would
likely start an upward movement toward the $0.6360 resistance mark.
A successful breach above this target could potentially trigger
further upward movement to test the $0.6697 resistance and beyond.
Nevertheless, should XRP’s price approach the $0.5725 support range
and break below, it may likely continue to move downward toward the
$0.4663 support level. A further break below the $0.4663 support
level might lead to a price drop toward the $0.4088 support point
and other lower levels. Featured image from iStock, chart from
Tradingview.com
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