XRP Price Plummets To $0.5724, Can Bulls Maintain Support?
July 18 2024 - 8:00AM
NEWSBTC
In recent trading activities, XRP has experienced a significant
retracement, dipping toward a critical support level of $0.5724.
This retracement which is seen as a correctional movement to the
crypto asset’s recent rally has caught the attention of traders and
investors alike thereby raising speculations as to whether the
bulls can maintain the $0.5724 support level. This article provides
an in-depth examination of the significance of the $0.5724 support
level with the help of technical indicators and the potential
future scenarios that could unfold when the coin reaches the level.
XRP’s price was trading at around $0.5816 and was down by 3.89%
with a market capitalization of over $32.5 billion and a trading
volume of over $3.8 billion as of the time of writing. There has
been a decrease of 3.70% in XRP’s market capitalization and a
17.22% increase in its trading volume, in the last 24 hours. Market
Overview: Understanding The Recent Price Movement Of XRP On the
4-hour chart, XRP is still trading above the 100-day Simple Moving
Average (SMA) but is currently on a bearish trajectory toward the
$0.5724 support level. It is important to note that XRP had
previously broken above $0.5724, which acted as a resistance level,
and is now retracing for a retest. The 4-hour Composite Trend
Oscillator confirms XRP’s recent price retracement, as the signal
line has crossed below the SMA of the indicator, with both
indicators currently attempting to move out of the overbought zone.
On the 1-day chart, XRP is making a bearish move toward the $0.5724
support level and the 100-day SMA. Despite this downward movement,
the broader trend remains bullish, suggesting this could be a
short-term retracement. Finally, it can be observed that the signal
line has crossed above the SMA of the indicator and moved out of
the overbought zone, with both lines attempting to reach the zero
line. This formation of the composite trend oscillator suggests
that the long-term outlook remains bullish despite the current drop
in XRP’s price. The Significance Of The $0.5724 Support Level The
$0.5725 support level holds significant importance in the future
potential price movement of XRP. Thus, should the price of XRP
decline to the support level and encounter rejection, it would
likely start an upward movement toward the $0.6697 resistance mark.
A successful breach above this target could serve as a catalyst,
potentially triggering further upward movement to test the $0.7342
resistance and beyond. Nevertheless, should XRP’s price approach
the $0.5725 support level and break below it, it may likely
continue to move downward toward the $0.4663 support level. A
further break below the $0.4663 support range could lead to a price
drop toward the $0.4088 support level and other lower levels.
Featured image from Adobe Stock, chart from Tradingview.com
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