Shiba

Read

TRON

<ul>
 <li>XRP successfully pulled back at $0.499, confirming a breakout despite selling pressure.</li>
 <li>The four-hour chart shows a breach in support, but increased demand led to a retracement.</li>
 <li>XRP is anticipated to consolidate within key Fibonacci levels and the ascending trendline until a decisive breakout.</li>
</ul>
XRP has been grappling with intense selling pressure, compelling its price to dip below a critical support region encompassing the lower boundary of a wedge formation and 100-day and 200-day moving averages.
On the <a href="https://www.tradingview.com/symbols/XRPUSD/" rel="noopener noreferrer nofollow">daily chart</a>, XRP’s price exhibited a significant drop, breaching a multi-month sideways consolidation range and triggering a cascade of sell-stop orders. This downward momentum propelled the cryptocurrency below the crucial support zone.&nbsp;
Yet, amidst the bearish onslaught, XRP found support at the $0.499 threshold, executing a successful pullback that underlines the validity of the earlier breakout. This pullback serves as a key indicator, pointing towards a potential mid-term downward trend, with eyes set on the substantial $0.48 support region.
A more granular examination of the four-hour chart illuminates the scenario further. Here, an impulsive breach beneath substantial support levels, spanning from the critical 0.5 ($0.61) to 0.618 ($0.58) Fibonacci retracement levels, coincided with the lower boundary of the wedge.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/yxVyqBkoIELkHAGtJLZpMHU8UfO7UAotU8w_lXbI2tLYlSSDSMh3lgkhmZ6mUdoYuwb3aYUDrIHfFMRFySmd3hJOKRRY6NRn_MODsgOJXozF8P-jJFVjgXSMlJy39jDgyGSCtSykYcg4-FvEq7fq89A" alt="">
</figure>
Source: TradingView
However, a robust demand emerged at the crucial $0.499 region and the long-standing ascending trendline, leading to a retracement back into the breached support territory. XRP now appears ensnared in a narrow dynamic range, sandwiched between the resistance defined by the critical Fibonacci retracement levels and the crucial dynamic support offered by the ascending trendline. This sets the stage for an anticipated mid-term consolidation until a definitive breakout manifests in either direction.
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/bitcoins-climb-to-60k-short-lived-satisfaction-for-48k-top-callers/" rel="noopener noreferrer nofollow">Bitcoin’s Climb to 60K: Short-lived Satisfaction for 48K Top Callers</a></li>
 <li><a href="https://cryptonewsland.com/why-xrp-might-be-heading-for-1-despite-predicted-pullbacks/" rel="noopener noreferrer nofollow">Why XRP Might Be Heading for $1, Despite Predicted Pullbacks?</a></li>
 <li><a href="https://cryptonewsland.com/tron-bulls-at-risk-of-extended-pullback-as-price-ceiling-proves-too-high/" rel="noopener noreferrer nofollow">TRON Bulls at Risk of Extended Pullback as Price Ceiling Proves Too High</a></li>
 <li><a href="https://cryptonewsland.com/crypto-market-retraces-leading-up-to-ira-implementation/" rel="noopener noreferrer nofollow">Crypto Market Retraces Leading Up to IRA Implementation</a></li>
 <li><a href="https://cryptonewsland.com/shiba-inus-chart-signals-upside-potential-price-surge-ahead/" rel="noopener noreferrer nofollow">Shiba Inu’s Chart Signals Upside Potential: Price Surge Ahead?</a></li>
</ul>
The post <a href="https://cryptonewsland.com/xrp-price-breakout-confirmed-after-pullback-whats-next/" rel="noopener noreferrer nofollow">XRP Price Breakout Confirmed After Pullback: What’s Next?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

XRP Price Breakout Confirmed After Pullback: What’s Next?

Crypto News Land

Other articles published on Jan 10, 2024

Two US Senators Ask SEC to Deliver Report to Congress on Breach of X Account

90% of Bitcoin HODLers are in Profit Amid ETF Anticipation

TD Sequential Indicator Signals a Buying Opportunity for Bitcoin Investors

Eesee closes $2.85m investment to integrate gamification into marketplace

Late to Cash in on Arbitrum? This Presale Token Could be a 2024 sensation

Shiba Inu Price Prediction as Whale Activity Jumps 1,300% – Huge Pump Incoming?

Join our free newsletter for daily crypto updates!