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<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/KeQQ0gmC-e1700238326929.png" class="attachment-full size-full wp-post-image" alt="XRP price" decoding="async" style="float:right; margin:0 0 10px 10px;">
<p><span style="font-weight: 400;">XRP Price Prediction: As <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> grapples with resistance at the $38,000 mark, a ripple effect is seen across the altcoin market, triggering a correction phase in several major cryptocurrencies. XRP, in particular, has not been immune to this trend, witnessing a 17.9% decline over the past two weeks, bringing its current trading price to around $0.6. Despite this setback, the coin’s position within the Fibonacci retracement levels suggests the overall bullish trend remains unbroken</span></p> 
<p>Also Read: <a href="https://coingape.com/xrp-relisted-on-top-exchange-after-22-months-hiatus/">XRP Relisted on Top Exchange After 22 Months Hiatus</a></p> 
<h2 id="b-is-current-retracement-healthy-b"><b>Is Current Retracement Healthy?</b></h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A correction below 61.8% Fibonacci retracement level reflects projecting weakening bullish momentum.</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The XRP price above 100-and-200-day accentuates the overall trend and remains bullish.</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The intraday trading volume in the XRP is $1.6 Million, indicating a 6.2% loss.</span></li> 
</ul> 
<p><span style="font-weight: 400;"><img decoding="async" src="https://s3.tradingview.com/snapshots/k/KeQQ0gmC.png" alt="TradingView Chart">Source: </span><span style="font-weight: 400;">Tradingview</span></p> 
<p><span style="font-weight: 400;">The Daily time frame Chart of XRP price illustrates a <a href="https://coingape.com/markets/xrp-price-prediction-will-xrp-regain-1-by-2023-end/">notable rally from October to November</a>, where its value climbed from $0.472 to $0.735. This movement has contributed to the formation of a ’rounding bottom’ pattern, often interpreted as a bullish reversal indicator.&nbsp;</span></p> 
<blockquote>
 <p><span style="font-weight: 400;">This pattern, resembling a cup, indicates potential for sustainable growth and offers an opportune entry point for market participants. However, the <a href="https://coingape.com/price/xrp/">XRP price</a> underwent a minor correction after peaking at $0.735, influenced by increased selling pressure across the broader market.</span></p>
</blockquote> 
<p><span style="font-weight: 400;">Today, it has incurred a 3% loss, slipping just below the 50% Fibonacci retracement level to trade at $0.6. While this level of retracement is generally deemed acceptable for regaining bullish momentum, a fall below this threshold could signal a weakening in the bullish trend.&nbsp;</span></p> 
<p><span style="font-weight: 400;">If XRP price sustains above the $0.6 level, there’s a possibility for a resurgence in bullish momentum, potentially retesting the $0.753 high.&nbsp;</span></p> 
<p><span style="font-weight: 400;">Conversely, a drop below the 61.8% Fibonacci level could escalate selling pressure, potentially pushing the price down to $0.51.</span></p> 
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<h2 id="b-should-you-keep-holding-xrp-b"><b>Should You Keep Holding XRP?</b></h2> 
<p><span style="font-weight: 400;">Renowned crypto analyst ‘EGRAGCRYPTO’ recently <a rel="nofollow" href="https://x.com/egragcrypto/status/1725437336408772609?s=20">shared insights</a> on the XRP price movement on the ‘X’ platform, posting a monthly chart that highlights a triangle-type pattern. Accompanying this observation with phrases like “the Storm’s Brewing,” the analyst seems to be rallying the Crypto Army to maintain confidence in their holdings.</span></p> 
<p><span style="font-weight: 400;">This triangle pattern formation suggests that XRP’s price might hover sideways for a few more months before making a decisive breakout, likely on the upside, potentially leading to a significant rally.</span></p> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;"><strong>Exponential Moving Average (EMA)</strong>: The rising 50, 100, and 200-day <a href="https://coingape.com/glossary/rsi-relative-strength-index/">EMAs</a> are poised to provide solid support during the ongoing retracement phase in XRP.</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;"><strong>Relative Strength Index (RSI)</strong>: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> dipping below 45%, indicates a weakening of the bullish momentum.</span></li> 
</ul> 
<p>The post <a rel="nofollow" href="https://coingape.com/markets/xrp-price-prediction-as-a-fall-below-0-6-hints-prolong-correction/">XRP Price Prediction as a Fall Below $0.6 Hints Prolong Correction</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.</p>

XRP Price Prediction as a Fall Below $0.6 Hints Prolong Correction

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