XRP Price Prediction: Why The Bulls Could Protect This Crucial Support
November 10 2022 - 12:28AM
NEWSBTC
XRP price started a major decline from the $0.50 resistance against
the US Dollar. The recent collapse of FTX and FTT sparked a sharp
move towards the $0.32 support. Ripple is down over 15% and there
was a drop below the $0.40 support against the US dollar. The price
is trading well below $0.4000 and the 100-day simple moving
average. There was a break below a major contracting triangle with
support at $0.455 on the daily chart of the XRP/USD pair (data
source from Kraken). The pair could start a recovery wave if the
bulls remain active near the $0.32 support. Ripple’s XRP Price
Tests Key Support In the past 3-4 days, the crypto market saw a
major decline. Bitcoin, ethereum, ftt, bnb, and sol saw a
substantial decline. Ripple’s XRP price also faced the heat and
declined heavily from the $0.50 resistance zone. There was a clear
move below the $0.450 and $0.40 support levels. Besides, there was
a break below a major contracting triangle with support at $0.455
on the daily chart of the XRP/USD pair. The pair dropped below the
$0.350 support and tested a crucial support at $0.320. A low is
formed near the $0.320 level and the price is now consolidating
losses. XRP is now trading well below $0.4000 and the 100-day
simple moving average. An immediate resistance is near the $0.3650
level. It is close to the 23.6% Fib retracement level of the
downward move from the $0.5099 swing high to $0.3200 low. The first
major resistance is seen near the $0.380 level, above which the
price might recover towards the $0.415 level and the 100-day simple
moving average. Source: XRPUSD on TradingView.com The 50% Fib
retracement level of the downward move from the $0.5099 swing high
to $0.3200 low is also near $0.415. A clear break above the $0.415
resistance could open the doors for a sharp increase towards the
$0.5000 resistance. The next major resistance above the $0.5000
level could be near the $0.5200 level. Dips Supported? If ripple
fails to clear the $0.380 resistance, it could start a fresh
decline. An initial support on the downside is near the $0.3400
level. The main support could be near the $0.3200 level or the
$0.3000 zone. If the price fails to stay above $0.3000, it could
start another major decline. Technical Indicators Daily MACD – The
MACD for XRP/USD is now losing momentum in the bearish zone. Daily
RSI (Relative Strength Index) – The RSI for XRP/USD is now below
the 50 level. Major Support Levels – $0.3400, $0.3200 and $0.3000.
Major Resistance Levels – $0.3650, $0.3800 and $0.4150.
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