Convergence

Bitcoin

<img width="1200" height="686" src="https://coingape.com/wp-content/uploads/2024/02/1702641962-xrp-ripple-kripto-para-birimini-havali-ve-futuristik-bir-tarzda-temsil-eden-bir-dijital-sanat-gors-e1708424724352.jpg" class="attachment-full size-full wp-post-image" alt="XRP price" decoding="async" style="float:right; margin:0 0 10px 10px;">
The ongoing rally in the sixth largest cryptocurrency <a href="https://coingape.com/cardano-founder-debunks-xrp-conspiracy-theories-in-ama/">XRP</a> witnessed a major roadblock at the $0.575 barrier. The long-wick rejection at this barrier reflects the overhead supply and the formation of a double-bottom pattern. The broader market sentiment continues to invalidate the buyer’s attempt and trigger a consolidation in several major altcoins. Will the BTC price reversal from $52K, plunge the XRP price back to $0.5? 
Also Read: <a href="https://coingape.com/ripple-xrp-case-update-financial-odl-details-remain-sealed-until-sec-remedies-brief/">Ripple XRP Case Update: Financial, ODL Details Will Remain Sealed Until SEC Remedies Brief</a> 
<h2 id="b-is-xrp-price-heading-to-0-5-b">Is XRP Price Heading to $0.5</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/b/bNOPW3Py.png" alt="BINANCE:XRPUSDT Chart " width="1946" height="937">
 <figcaption class="wp-caption-text">
 XRP Price| Tradingview
 </figcaption>
</figure> 
The February month recovery in <a href="https://coingape.com/price/xrp/">XRP price</a> can be traced using a support trendline in the daily chart. From the last swing low of $0.485, the coin price will surge 14.5% to reach the current trading price of $0.55. 
The coin price rebounded thrice from this support reflecting that the buyers continue accumulating this asset at dips, one of the key aspects for establishing recovery. However, the rally faces a minor road at $0.576 resistance, projected by a daily candle with long wick rejection. 
<blockquote>
 The two reversals from this resistance indicate the possibility of a double-top pattern. This chart pattern often spotted at the major top indicates the XRP price may enter a new correction amid the weakening bullish momentum in BTC.
</blockquote> 
Currently trading at $0.55, the XRP price is down 1.46% and teases a breakdown below the $0.541 neckline support. A successful bearish breakdown will also pierce the support and intensify the selling momentum. 
A post-breakdown fall may have plunged the <a href="https://coingape.com/xrp-news-ripple-collaborates-with-egypts-cib-for-cross-border-payments/">XRP coin</a> by 12% to hit $0.48. 
Conversely, if the support trendline holds, the buyers may rechallenge the overhead resistance trendline to initiate a fresh rally 
Also Read: <a href="https://coingape.com/xrp-whale-offloads-26-mln-tokens-as-ripples-extended-deadline-nears/">XRP Whale Offloads 26 Mln Tokens As Ripple’s Extended Deadline Nears</a> 
<h2 id="strong-technical-indicator-strong">Technical Indicator</h2> 
<ul> 
 <li>Bollinger Band: The midline of the Bollinger band indicator will act as additional pullback support for buyers,</li> 
 <li>Moving Average Convergence Divergence: A bullish crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and the signal line indicates the current recovery is still intact.</li> 
</ul> 
Related Articles: 
<ul> 
 <li><a href="https://coingape.com/crypto-prices-today-bitcoin-drops-below-52k-xrp-ada-gain-as-pepe-dips/">Crypto Prices Today: Bitcoin Drops Below 52K, XRP &amp; ADA Gain As PEPE Dips</a></li> 
 <li><a href="https://coingape.com/ripple-moves-60-mln-xrp-right-before-remedies-related-discovery-deadline/">Ripple Moves 60 Mln XRP Right Before Remedies-Related Discovery Deadline</a></li> 
 <li><a href="https://coingape.com/bitcoin-bulls-and-stock-market-woes-max-keisers-forecast/">Bitcoin Bulls and Stock Market Woes: Max Keiser’s Forecast</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/heres-why-xrp-price-is-at-risk-of-0-5-support/">Here’s Why XRP Price Is at Risk of Losing $0.5 Support</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Here’s Why XRP Price Is at Risk of Losing $0.5 Support

Table of Contents

Coingape News Media

Other articles published on Feb 20, 2024

Chinese New Year Continues to Boost Altcoins! 200 Percent Increase Prediction for China-Based Alt...

Ethereum (ETH) price set to hit $3k experts think while Avalanche (AVAX) holders think Pushd (PUS...

BlackRock spotlights Bitcoin ETF with progress-driven ad campaign

Is Elizabeth Warren Feeling The Heat From Pro-XRP Lawyer John Deaton’s Challenge to Authority?

UK Targets Implementation of Stablecoin Regulations

Japan’s Jasmycoin Price Soars Amid Whale Movements: Can JASMY Hit New ATH? Pay Attention To This ...

Join our free newsletter for daily crypto updates!