Daily

<p>After Ripple&#8217;s sudden decline, the price fell below the 100-day moving average. However, it has now reached the critical support level of the 200-day moving average at $0.41, and the bears might just be getting started.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p><strong>By <a href="http://twitter.com/greatest_trader" data-wpel-link="external" target="_blank">Shayan</a></strong></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>Following Ripple&#8217;s rejection from the $0.58 resistance level on the daily chart, the price experienced a massive decline, dropping below the 100-day moving average. However, the cryptocurrency has found substantial support at the 200-day moving average of $0.41.</p>
<p>The strength of this moving average suggests that the price may enter a consolidation phase. However, if the bears manage to push it below the 200-day moving average, this may trigger a cascade effect and bearish sentiment for Ripple&#8217;s long-term prospects.</p>
<figure id="attachment_249844" aria-describedby="caption-attachment-249844" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/XRP-Daily-1-scaled.jpg" data-wpel-link="internal"><img class="wp-image-249844 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/XRP-Daily-1-scaled.jpg" alt="xrp_price_chart_0905231" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/XRP-Daily-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-Daily-1-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-Daily-1-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-Daily-1-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-Daily-1-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-Daily-1-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-Daily-1-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-249844" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h3 id="strong-the-4-hour-chart-strong"><strong>The 4-Hour Chart</strong></h3>
<p>On the 4-hour chart, Ripple&#8217;s price has formed an ascending channel. The recent rejection caused it to drop below the minor support level of $0.48 and the channel&#8217;s mid-trend line. Currently, XRP faces two crucial support levels: the primary one of $0.4 and the channel&#8217;s lower trendline, approximately at $0.37.</p>
<p>In summary, based on the recent action, the price seems more likely to remain within the range of $0.4 and $0.48 until a breakout occurs.</p>
<figure id="attachment_249845" aria-describedby="caption-attachment-249845" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/XRP-4H-1-scaled.jpg" data-wpel-link="internal"><img class="wp-image-249845 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/05/XRP-4H-1-scaled.jpg" alt="xrp_price_chart_0905232" width="2560" height="1386" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/XRP-4H-1-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-4H-1-300x162.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-4H-1-1024x554.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-4H-1-768x416.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-4H-1-1536x832.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-4H-1-2048x1109.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/05/XRP-4H-1-50x27.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-249845" class="wp-caption-text">Source: TradingView</figcaption></figure>
<p>The post <a href="https://cryptopotato.com/ripple-crashes-8-5-weekly-will-0-4-hold-xrp-price-analysis/" rel="nofollow">Ripple Crashes 8.5% Weekly, Will $0.4 Hold? (XRP Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Ripple Crashes 8.5% Weekly, Will $0.4 Hold? (XRP Price Analysis)

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