• 13 July, 2024
Market News Price Analysis

XRP Faces Critical Support at $0.3823: Is a Reversal Imminent?

The recent market activity surrounding XRP has been marked by a significant surge in buy volume, drawing considerable attention from investors. As per XRP whale, an XRP enthusiast, many traders experienced stop-outs and panic selling, which contributed to the sharp decline in XRP’s price. However, this could signal a potential bottom, as indicated by the market dynamics and technical indicators.

The price of XRP saw a sharp drop, highlighted by a prominent red candlestick. Despite the selling pressure, a long lower wick emerged, suggesting that buyers stepped in to support the price, creating a potential support level. Currently, XRP is priced is around $0.4004, with a recent low of $0.3823. This low price serves as a crucial support level where buying interest was evident during the sharp sell-off.

Resistance levels are also in focus. The immediate resistance level is around $0.4100, just above the current price. Should the price break above this level, the next resistance is anticipated near the recent highs of $0.4500. This resistance is significant as it marks a point where the price previously struggled to move higher.

Crypto Analysts Spot Bullish Signs in XRP Versus Bitcoin Trading Pair 

Volume analysis further supports the potential for a price reversal. There has been a substantial spike in trading volume, with the current volume reaching 118.475M, far exceeding the Volume Moving Average of 28.538M. Such a high level of trading activity suggests increased market interest and a possible shift in momentum.

The live XRP price at press time, stands at $0.4023, with a 24-hour trading volume of $2,054,019,509. Despite a significant drop of 12.04 in the last 24 hours, technical indicators provide a mixed outlook.

XRP/USD 1-day price chart, Source: TradingView

The 1-day Relative Strength Index (RSI) reads 22.70, indicating that XRP is currently oversold. This oversold condition suggests a potential price reversal in the near future. However, the 1-day Moving Average Convergence Divergence (MACD) trading below the signal line indicates bearish momentum in the short term.

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