2024

Bitcoin

April

Change

Last weekend was aggressively bearish in the cryptocurrency market attributed to <a href="https://coingape.com/michael-saylor-foresees-geopolitical-clash-as-a-boost-to-bitcoin/" rel="noopener noreferrer nofollow">geopolitical tension</a> between Iran and Israel. Bitcoin plunged to a low of $61500 and prolonged correction of the majority of altcoins including XRP. Within a week, the XRP price fell from $0.643 to $0.49, registering a 24%. This downtick breached below the support of a long-coming trendline indicating the potential for further downfall.
Also Read: <a href="https://coingape.com/markets/3-altcoins-to-buy-for-an-xrp-based-portfolio-in-2024/" rel="noopener noreferrer nofollow">3 Altcoins To Buy For An XRP-Based Portfolio In 2024</a>
<h2 id="b-is-xrp-price-heading-below-0-4-b">Is XRP Price Heading Below $0.4?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/b/BzeoJHwH.png" alt="BINANCE:XRPUSDT " width="1946" height="893">
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 XRP Price| Tradingview
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Over the past nine months, the <a href="https://coingape.com/markets/xrp-price-prediction/" rel="noopener noreferrer nofollow">XRP price</a> traveled a steady sideways trend resonating within two converging trendlines. The dynamic resistance and support continue to reduce the price spread reflecting no clear dominance from buyers or sellers.
<blockquote>
 However, this weekend the geopolitical issue in the Middle East triggered a sudden sell-off in the crypto market and plunged the XRP price below $0.5. On April 13th, the recent downturn in XRP’s price broke through the lower support trendline that had been in place since January 2023.&nbsp;
</blockquote>
If this downward trend continues, <a href="https://coingape.com/ripple-vs-sec-recent-updates-on-settlement-date/" rel="noopener noreferrer nofollow">XRP</a> could potentially fall by 14.5% and retest the multi-month support level at $0.419. From a more pessimistic viewpoint, a further market correction could drive the price down to the $0.35 or $0.3 levels.
Also Read: <a href="https://coingape.com/ripple-news-exec-reveals-why-usdc-xrp-amm-pool-keeps-getting-out-of-balance/" rel="noopener noreferrer nofollow">Ripple Exec Reveals Why USDC/XRP AMM Pool Keeps Getting Out Of Balance</a>
<h2 id="strong-will-bitcoin-halving-change-dynamic-strong">Will Bitcoin Halving Change Dynamic?</h2>
The highly anticipated <a href="https://coingape.com/why-bitcoin-price-tumbles-to-60k-ahead-halving-how-low-can-bitcoin-go/" rel="noopener noreferrer nofollow">Bitcoin halving</a> event of the year is expected to occur around April 20th. This event, which occurs approximately every four years, will see the block reward for miners reduced from the current 6.25 bitcoins to 3.125 bitcoins per block. Historically, Bitcoin halvings have led to increased market interest and often a rise in price months later, driven by the decreased supply of new bitcoins if demand stays constant or grows.
Thus, the XRP buyers have an opportunity to fail this breakdown and regain control over this asset. If the coming week does not give suitable follow-up on the downside, the buyers may build recovery momentum and attempt to retake lost ground.&nbsp;
<h2 id="b-technical-indicator-b-span-style-font-weight-400-span">Technical Indicator&nbsp;</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: The decline in the 20 and 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMAs</a> suggests that sellers are currently dominating the price movement of XRP.</li>
</ul>
<ul>
 <li aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> position just above the oversold threshold suggests a potential minor rally may occur before further downward pressure resumes.</li>
</ul>
The post <a href="https://coingape.com/markets/whats-next-for-xrp-price-breakdown-of-15-month-support/" rel="noopener noreferrer nofollow">What’s Next for XRP Price After the Breakdown of 15-Month Support?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

What’s Next for XRP Price After the Breakdown of 15-Month Support?

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