bullish

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ripple-encounters-resistance-seeks-support-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple Encounters Resistance, Seeks Support Levels</a><br></p>
<p style="text-align: justify">Ripple (<a href="https://en.bitcoinhaber.net/crypto-community-sees-xrp-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a>) recently faced a setback at the $0.64 resistance level, causing the cryptocurrency’s <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">price</a> to drop towards the lower end of its current trading range, closely aligning with the 200-day moving average at $0.55. Despite this pullback, the price is anticipated to sustain its sideways movement within this range and see a slight recovery.</p>
<h2 id="what-does-the-xrp-chart-show">What Does the XRP Chart Show?</h2>
<p style="text-align: justify">Upon closer examination of the daily chart, Ripple experienced significant selling pressure at the $0.64 resistance, resulting in a notable decline. The price has retracted towards the lower boundary of its trading range, coinciding with the crucial 200-day moving average at $0.55.</p>
<p style="text-align: justify">The bearish divergence observed between the price and the RSI indicator on the daily chart highlights diminishing bullish momentum. This suggests that sellers are striving to push the price below this key moving average. However, due to potential demand, XRP is expected to see a minor recovery at this level, leading to continued sideways consolidation shortly. If the $0.55 support level fails, a further drop towards $0.53 could ensue.</p>
<h2 id="will-xrp-find-support-on-the-4-hour-chart">Will XRP Find Support on the 4-Hour Chart?</h2>
<p style="text-align: justify">The 4-hour chart corroborates that Ripple’s price action was rejected from the $0.64 resistance, with the price returning to the crucial $0.55 support level. Historically, this area has offered strong support and is likely to attract buying interest, potentially staving off further declines. Consequently, Ripple may find short-term support here, leading to a rebound towards the upper boundary of the $0.64 range.</p>
<p style="text-align: justify">Overall, XRP is expected to remain within the $0.55 to $0.64 range, characterized by sideways price action. However, if the $0.55 support level fails, the bearish trend may persist, pushing the price down to the critical support region between $0.52 (0.5 Fibonacci level) and $0.48 (0.618 Fibonacci level).</p>
<h2 id="actionable-insights">Actionable Insights</h2>
<ul>
 <li>Monitor the $0.55 support level closely; a breach could lead to rapid decline towards $0.53.</li>
 <li>Observe buying interest at the $0.55 level for potential short-term gains.</li>
 <li>Stay updated on Ripple Labs’ legal developments and new projects as they could significantly impact XRP’s price movements.</li>
</ul>
<p style="text-align: justify">Beyond these technical trends, events concerning Ripple Labs are expected to continue affecting XRP’s price. The outcome of the legal battle with the SEC and the company’s launch of a stablecoin project could have a positive influence on XRP’s valuation.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ripple-encounters-resistance-seeks-support-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ripple Encounters Resistance, Seeks Support Levels</a></h5>

Ripple Encounters Resistance, Seeks Support Levels

Table of Contents

BH NEWS

Other articles published on Sep 1, 2024

Joseph Young: From Analyst to Leading Voice in Crypto Education

Ripple Labs Unlocks 1 Billion XRP From Escrow: Details

Bitcoin Price Dips Below $58k – Why Is The Crypto Market Down Today?

Crypto Market Awaits US Job Data; Will Fed Rate Cut Trigger Bitcoin Rally?

September Outlook for Bitcoin: Could Institutional Adoption Be The Savior?

5 Crypto Predictions For September 2024 – Key Signs Point To…

Join our free newsletter for daily crypto updates!