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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

XRP Rally To $0.6360 Subsides As Price Faces New Decline

Godspower Owie
Godspower Owie
9 months ago
2 mins read
XRP

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In recent trading activities, XRP has taken a significant hit in its latest attempt to rally toward its previous high of $0.6360. Despite initial bullish momentum suggesting a potential breakout, XRP could not sustain its upward trajectory. The failure to reach the anticipated target has led to a notable decline in value, raising concerns among traders and analysts about the short-term outlook for XRP.

As XRP struggles with these hurdles, this article seeks to analyze its current price movement and the technical indicators suggesting a sustained drop. The goal is to provide readers with a comprehensive understanding of the token’s potential future trajectory.

XRP was trading at $0.5974 at the time of writing, indicating a 1.13% gain. The cryptocurrency has garnered a trading volume of more than $2 billion and a market capitalization of more than $33 billion. Over the past day, XRP’s trading volume has increased by 41.17%, while its market cap has increased by 1.13%.

Initial Bullish Momentum Falters

On the 4-hour chart, although XRP is still actively trading above the 100-day Simple Moving Average (SMA), its price is currently on a bearish move towards the $0.5725 mark after failing to sustain its upward trajectory. If the digital asset continues its current bearish trend, it could drop below the $0.5725 mark.

XRP
Source: XRPUSDT on Tradingview.com

The 4-hour Composite Trend Oscillator indicates that XRP may continue its bearish trajectory toward the $0.5725 mark, as the signal line is currently attempting a drop below the SMA of the indicator. If the signal line crosses below the SMA, both lines are likely to move toward the zero line, signaling a potential extended decline for the coin.

On the 1-day chart, following the failure of XRP to sustain its upward trajectory to its previous high of $0.6360, the price is currently attempting a single candle bearish move toward the $0.5725 mark, trading above the 100-day SMA. This bearish momentum may drive the digital asset to reach the $0.5725 mark.

XRP
Source: XRPUSDT on Tradingview.com

Lastly, it can be observed that the signal line is currently trading in the overbought zone and is attempting to move downward toward the SMA of the indicator. This formation in the composite trend oscillator suggests that XRP’s price may continue its bearish movement toward $0.5725 before potentially starting to move upward again.

Expert Insights On Crucial XRP Levels To Monitor 

Should the price of XRP decline to the $0.5725 mark and encounter rejection, it would likely start an upward movement toward the $0.6360 resistance mark. A successful breach above this target could potentially trigger further upward movement to test the $0.6697 resistance and beyond.

Nevertheless, should XRP’s price approach the $0.5725 support range and break below, it may likely continue to move downward toward the $0.4663 support level. A further break below the $0.4663 support level might lead to a price drop toward the $0.4088 support point and other lower levels.

XRP
XRP trading at $0.6030 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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