XRP struggles: Dips on horizon, Can bulls maintain support?

XRP has retraced to a lower value of $0.5281 at the time of writing this article. That represents a 0.95% drop in the last 24 hours and a 1.68% upswing in the last 7 days. What attracts the most attention is the possibility that XRP will see a couple of days of red trades again. Dips are on the horizon unless volatility leaves the room, giving some space to the token for a bull run.

Two key technical indicators show a bearish trend in the near future. These are hourly MACD and Hourly RSI. The latter is below 50 points, and hourly MACD is gaining pace toward the bearish zone. Any decrease in value could only affect those traders who are willing to buy the dip.

The next best support marks are $0.5250 and $0.5185. The next best resistance marks are $0.5350 and $0.5450. Bulls are currently responsible for preventing any further decline in XRP. The goal is to keep the wave above the 61.8% Fib retracement level. There is scope for XRP to plummet to $0.5015; however, that would bring another wave of decline, probably taking the valuation as low as $0.49.

These are XRP predictions, and actual performance plus valuation is likely to be different from this. There was a steady increase for the token, helping it to sustain $0.5420 for a while. The token even reached a high of $0.5571. The formation of a short-term top has started a new decline from the recent high.

Any factor that defies the odds is viewed with suspicion. Hence, bulls are making a desperate attempt to maintain a certain Fib level.

There will likely be more downturns, which are unlikely to reverse unless market conditions change. Experts claim that the trend is mirroring the formation of Bitcoin and Ethereum. Both tokens were previously consolidating within a limited range. They have now broken out of that shell to trade at a higher margin. For instance, BTC is closer to surpassing the milestone of $70,000, potentially setting a new ATH by moving beyond $75,000.

Similarly, ETH is closer to a $4,000 valuation. The only difference is that Ethereum is driven by speculation around the approval of the Spot ETH ETF.

For XRP, the aim is to maintain the resistance level and set a new benchmark at $0.5650. Its actual ATH is above $2, a departure from the current trend. By this year’s end, aligning the factors could push the token to $0.800. That will be followed by $1.5, or $2, by the end of the next year, 2025.

At the time of drafting this article, there was a notable dip of 1.09% and 36.915 in market cap and 24-hour trading volume, respectively.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 65,097.44
ethereum
Ethereum (ETH) $ 3,526.21
tether
Tether (USDT) $ 0.999656
bnb
BNB (BNB) $ 596.91
solana
Solana (SOL) $ 138.05
xrp
XRP (XRP) $ 0.492127
dogecoin
Dogecoin (DOGE) $ 0.124679
cardano
Cardano (ADA) $ 0.38794