XRP Price Prediction – A Plunge To $0.45 On The Horizon, Here’s Why
October 10 2023 - 1:08AM
NEWSBTC
XRP price started a fresh decline from the $0.550 resistance
against the US Dollar. It could accelerate lower and revisit the
$0.45 support. Ripple’s token price is declining from the 0.550
resistance against the US dollar. The price is now trading above
$0.500 and the 100 simple moving average (4 hours). There is a
major bearish trend line forming with resistance near $0.5065 on
the 4-hour chart of the XRP/USD pair (data source from Kraken). The
pair might continue to move down if it breaks the $0.488 support
zone. XRP Price Takes Hit Recently, XRP made another attempt to
clear the $0.550 resistance. However, the bulls failed to clear the
$0.550 barrier. The price traded as high as $0.5510 and started a
fresh decline, like Bitcoin and Ethereum. There was a steady
decline below the $0.532 and $0.525 levels. The price even declined
below the $0.50 level and the 100 simple moving average (4 hours).
Finally, it retested the $0.488 support zone. A low is formed near
$0.4875 and the price is now consolidating losses. XRP is now
trading above $0.500 and the 100 simple moving average (4 hours).
There is also a major bearish trend line forming with resistance
near $0.5065 on the 4-hour chart of the XRP/USD pair. The trend
line is near the 23.6% Fib retracement level of the recent decline
from the $0.5510 swing high to the $0.4875 low. On the upside,
immediate resistance is near the $0.505 level and the trend line. A
close above the $0.505 level could send the price toward the $0.525
resistance or the 61.8% Fib retracement level of the recent decline
from the $0.5510 swing high to the $0.4875 low. Source: XRPUSD on
TradingView.com A successful break above the $0.525 resistance
level might start a strong increase toward the $0.550 resistance.
Any more gains might send XRP toward the $0.580 resistance. More
Losses? If XRP fails to clear the $0.505 resistance zone, it could
continue to move down. Initial support on the downside is near the
$0.488 zone. The next major support is at $0.450. If there is a
downside break and a close below the $0.450 level, XRP price might
turn red. In the stated case, the price could retest the $0.420
support zone. Technical Indicators 4-Hours MACD – The MACD for
XRP/USD is now losing 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 – $0.488, $0.465, and $0.450. Major
Resistance Levels – $0.505, $0.525, and $0.550.
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