XRP Falls Sharply But Finds Support Above $0.50

Jan 05, 2024 at 16:13 // Price
Coin Idol

The price of Ripple (XRP) has fallen to the bottom of the chart. Price analysis by Coinidol.com.

Long-term XRP price forecast: bearish

The Ripple coin has fallen to its previous low of October 12. The cryptocurrency fell sharply to $0.48 on January 3, but investors bought the dips. The coin is now selling for $0.57 as of this writing.

Selling pressure has eased above the $0.50 support level. If the current support holds, the upside correction could resume. The altcoin is trading below the moving average lines but above the $0.50 support. For XRP, the tail of a long candle from January 3 can be seen pointing down. The tail of the candle at lower prices indicates strong buying. However, if the bears manage to break the $0.50 support, the market will fall back to its previous low of $0.48.

XRP indicator analysis

The price bars are well below the moving average lines after the recent dip. The moving average lines have tilted horizontally due to the sideways trend. After the rise that began on November 6, a horizontal trend has prevailed.

Technical indicators:

Key resistance levels – $0.80 and $1.00

Key support levels – $0.40 and $0.20

XRPUSD_ (Daily Chart) – Jan.05.jpg

What is the next development for XRP?

XRP is currently falling below the moving average lines. The 4-hour chart of the crypto asset showed a narrow range between $0.60 and $0.64 before the crash. The cryptocurrency is now trading at $0.57 due to the depreciation.

On December 25, buyers tried to hold the price above the moving average lines but were rejected. On December 29 XRP price was $0.62 after falling below the moving average lines, as Coinidol.com reported.

XRPUSD_ (4- Hour Chart) – Jan. 05.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do the research before investing in funds.

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