XRP price has recently seen significant bearish momentum, breaking through a crucial support level at $0.5724. With the cryptocurrency breaking through the key support level, it signals a major shift in the market. feelingsraising concerns that the downward trend could continue.
This breakout suggests that selling pressure is building up and could lead to a potential price slowdown towards the next critical support level at $0.5291. This article delves into the current XRP price action, the implications of breaking the support at $0.55724, and what to expect in the coming days.
At the time of writing, XRP was trading at around $0.5699, down 1% from the previous day’s price. The cryptocurrency’s market cap has fallen by 13.15%, to $31 billion, while its market cap has fallen by 1.5%. Trading volume It decreased by 1%, and its value reached 1.6 billion dollars.
Market Sentiment Turns Negative for XRP
On the 4-hour chart, XRP continued to show bearish strength after dipping below the 100-day simple moving average (SMA). Multiple bearish candles were formed, and the price broke the $0.5724 support level. These recent price movements indicate a bearish turn in market Sentiment, which could lead to further declines towards the support level of $0.5291.
The signal line and the moving average convergence divergence (MACD) line on the 4-hour chart have fallen below the zero line and are currently heading into the oversold zone. Additionally, the MACD histograms are heading below the zero line, indicating Possible Crypto assets continue to trend downward.
On the 1-day chart, XRP price managed to break the $0.5724 support level the previous day and is moving towards the $0.5291 level and the 100-day simple moving average. If the price continues the bearish momentum and breaks below the simple moving average, it could indicate a shift towards a more bearish market sentiment.
Finally, a closer look at the 1-day MACD shows that the signal line has crossed below the MACD line and both are moving towards the zero line. The MACD histograms are also trending below the zero line. This setup suggests that the cryptocurrency may be ready for further losses.
Expectations and key levels to watch in the future
if Ripple currency It maintains its current bearish sentiment and may decline towards the support level of $0.5291. A break above this level may amplify the negative market sentiment, which may push the price down to the next level. Very important The support level is at $0.4663. If the downward pressure continues, it could lead to further declines beyond this level.
However, if the digital asset faces resistance at $0.5291 and fails to break below it, it could lead to a potential upward move, reaching the $0.5724 resistance level. When the price rises above this level, further gains could occur, targeting the $0.6360 resistance level and beyond.
Featured image by Adobe Stock, chart by Tradingview.com