XRP Price Prediction: Ripple Plunges to $0.42: Can Bulls Save the Day?
May 08 2023 - 11:54PM
NEWSBTC
Ripple is gaining bearish momentum below $0.45 against the US
Dollar. XRP price is at risk of more losses if it breaks the $0.40
support. Ripple started a fresh decline from the $0.470 zone
against the US dollar. The price is now trading below $0.450 and
the 100 simple moving average (4 hours). There is a connecting
bearish trend line forming with resistance near $0.450 on the
4-hour chart of the XRP/USD pair (data source from Kraken). The
pair might decline further if it stays below the $0.445 and $0.450
resistance levels. Ripple Price Breaks Support This past week,
Ripple’s XRP attempted a fresh increase above the $0.465 level
against the US Dollar. However, the bears remained active near the
$0.47 level. A high was formed near $0.4704 and the price declined,
similar to Bitcoin and Ethereum. There was a clear move below the
$0.450 and $0.445 support levels. A low is formed near $0.4100 and
the price is now consolidating losses. It is trading below $0.450
and the 100 simple moving average (4 hours). There is also a
connecting bearish trend line forming with resistance near $0.450
on the 4-hour chart of the XRP/USD pair. Initial resistance is near
the $0.440 zone. It is close to the 50% Fib retracement level of
the recent decline from the $0.4704 swing high to the $0.4100 low.
Source: XRPUSD on TradingView.com The first major resistance is
near the $0.450 level and the trend line. The 61.8% Fib retracement
level of the recent decline from the $0.4704 swing high to the
$0.4100 low is also near the trend line. A successful break above
the $0.445 and $0.450 resistance levels might send the price toward
the $0.470 resistance. Any more gains might call for a test of the
$0.535 resistance. More Losses in XRP? If ripple fails to clear the
$0.450 resistance zone, it could continue to move down. Initial
support on the downside is near the $0.410 zone. The next major
support is near $0.40. If there is a downside break and a close
below the $0.40 level, XRP’s price could extend losses. In the
stated case, the price could test the $0.380 support zone.
Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now
gaining pace in the bearish zone. 4-Hours RSI (Relative Strength
Index) – The RSI for XRP/USD is now below the 50 level. Major
Support Levels – $0.410, $0.400, and $0.380. Major Resistance
Levels – $0.445, $0.450, and $0.470.
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