Convergence

Rally

Strong

XRP Price Prediction: The sixth largest cryptocurrency <a href="https://coingape.com/ripple-unveils-key-regulatory-vision-decentralized-finance/">XRP</a> has been showcasing its sustainability above the $0.5 psychological level since the beginning of 2024. The three price reversals from this support show active buying actively and a suitable platform triggering fresh recovery. However, with the overhead resistance still intact and increasing market volatility, the XRP price is at risk of prolonged downfall.&nbsp; 
Also Read: <a href="https://coingape.com/xrp-price-to-surge-soon-amid-strong-whale-holdings-despite-ripple-hack/">Ripple News: XRP Price Regains Momentum, Next Stop At $0.6?</a> 
<h2 id="b-xrp-price-stands-on-the-brink-of-a-critical-breakout-b">XRP Price Stands on the Brink of a Critical Breakout</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The XRP price currently trades at $0.51 with an intraday loss of $1.37</li> 
 <li style="font-weight: 400;" aria-level="1">Descending triangle breakout will end the stagnant movement in this asset</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the XRP is $570 Million, indicating a 41% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/y/YDUugXbq.png" alt="XRP Price" width="1815" height="836">
 <figcaption class="wp-caption-text">
 XRP Price Prediction| TradingView Chart
 </figcaption>
</figure> 
Since the start of 2024, the XRP price has been on a downward trend, marked by a declining trendline in the daily chart. This trendline, along with a strong support level at $0.5, plays a crucial role in guiding the cryptocurrency’s direction, suggesting the emergence of a bearish trend.&nbsp; 
The pattern observed indicates a weakening bullish momentum, which could transition into a significant drop if sellers manage to push below the neckline support. Currently, the <a href="https://coingape.com/price/xrp/">XRP price</a> is trading at $0.51, and the tightening convergence of the trendlines points to an upcoming decisive moment.&nbsp; 
<blockquote>
 Sellers are advised to watch for a daily candlestick closure beneath the $0.5 mark to confirm a bearish breakout. Such a breakdown could lead the price down to the $0.458 support level, and possibly further to $0.42, where a longstanding support trendline awaits.
</blockquote> 
This particular trendline, effective since June 22nd, has historically served as a major buying area during price dips. Therefore, in case of a prolonged downfall, the $0.42 could be the potential bottom of the year 2024 before a new recovery sparks. 
<h2 id="b-will-the-xrp-price-rebound-b">Will the XRP Price Rebound?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/7/7ZjCDmey.png" alt="XRP Price Prediction" width="1946" height="937">
 <figcaption class="wp-caption-text">
 XRP Price Prediction| TradingView Chart
 </figcaption>
</figure> 
With the market currently tilted in favor of XRP sellers, the recent announcement of <a href="https://coingape.com/ripple-payments-to-go-live-in-us-amid-sec-battle-hack-fiasco/">Ripple Payments</a> re-entering the US market after a three-year hiatus could catalyze a positive shift. This news has the potential to stimulate natural demand for XRP and support a breakthrough above the triangle pattern’s descending trendline. 
This potential breakout may surge the coin by 15% and rechallenge the multi-month resistance trendline around $0.58. A bullish breakout from this barrier to kickstart sustainable growth in XRP. 
<ul> 
 <li>Moving Average Convergence Divergence: Multiple crossovers in the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> indicator below the midline reflect uncertain market sentiment.</li> 
 <li>Bollinger Band: An upswing lower boundary of the Bollinger Bands indicator highlights offers additional support for coin buyers.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/xrp-price-to-surge-soon-amid-strong-whale-holdings-despite-ripple-hack/">XRP Price Rally Soon Amid Strong Whale Holdings Despite Ripple Hack</a></li> 
 <li><a href="https://coingape.com/ripple-locks-800-mln-xrp-escrow-amid-soaring-whale-activity-whats-happening/">Ripple Locks 800 Mln XRP in Escrow Amid Soaring Whale Activity, What’s Happening?</a></li> 
 <li><a href="https://coingape.com/binance-ceo-lauds-xrpl-response-in-xrp-hack/">Binance Freezes $4.2 Mln Stolen XRP After Hack, CEO Lauds XRPL’s Efforts</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/xrp-price-prediction-pattern-hints-0-5-crumble/">XRP Price Prediction As Emerging Pattern Hints $0.5 Support Could Crumble</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price Prediction As Emerging Pattern Hints $0.5 Support Could Crumble

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