XRP Drops to Levels That May Ignite an Accumulation Wave

  • XRP recorded a 0.22% loss over the past 24 hours to trade at $0.4997 at press time.
  • The altcoin’s latest price drop led to the formation of a breakout chart pattern on XRP’s daily chart.
  • Should bulls identify XRP’s current price as a buying opportunity, the altcoin’s price could rise to as high as $0.5635 soon.

Ripple (XRP) recorded a 0.22% drop in its price over the past 24 hours, according to CoinMarketCap. Subsequently, XRP’s price stood at $0.4997 at press time. Most notably, this latest drop in price added to the negative weekly streak recorded by XRP, which also dragged its price to a key support level that may be identified as a good buy opportunity.

Daily chart for XRP/USDT (Source: TradingView)

A symmetrical triangle had formed on XRP’s daily chart over the past 2-3 weeks. This specific chart pattern suggests that the altcoin’s price may breakout soon. Meanwhile, the remittance token was trading slightly above the significant support level at $0.4820 at press time.

Consequently, a break below this support level could suggest that a bearish breakout will ensue. As a result, XRP’s price could fall to the next crucial mark at $0.4120. Conversely, a positive breakout may lead to XRP rising to $0.5635 if bulls identify the cryptocurrency’s current price as an opportunity to accumulate.

One thing to note is that technical indicators on XRP’s daily chart supported a bearish outlook at press time. This was mainly due to the fact that a noteworthy technical flag was triggered over the past few days, while another bearish flag was on the cusp of being triggered as well.

Throughout the previous 72 hours, the daily RSI line crossed below the daily RSI SMA line. This particular technical flag suggested that sellers had gained a significant amount of strength on XRP charts recently. Therefore, it may be easier for bears to influence the altcoin’s price and potentially drag it down lower in the coming few days.

Additionally, the MACD line was attempting to cross below the MACD signal line at press time. Should this cross take place between these two technical indicators, it could serve as an indication of XRP’s current bearish trend continuing in the next few days.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Comments

Post a Comment

Popular posts from this blog

Manta Network battles DDoS attack after TGE as new Telegram bot steals the show

Manta Network battles DDoS post-MANTA launch; 135M RPC requests flood, causing delays. Bitbot revolutionizes retail trading on Telegram with non-custodial, AI-backed solutions. BITBOT token presale unfolds across 15 stages, offering investors a structured opportunity. In a whirlwind of recent events, Manta Network faced a DDoS attack right after the successful launch of its MANTA token, causing a stir in the crypto community. Meanwhile, Bitbot, a Telegram trading bot, is making waves by empowering retail investors. Jin us as we delve into the challenges Manta Network is facing and explore Bitbot’s mission to put institutional-grade tools in the hands of individual investors. Manta Network DDoS attack Manta Network, a modular blockchain protocol renowned for its focus on zero-knowledge (ZK) application development, encountered a significant setback shortly after the launch of its governance token, $MANTA. The network experienced a Distributed Denial o...
Read more

DOGE price prediction as expert forecasts target above $0.10

Image
With the previous week bringing gains for the cryptocurrency market, some digital assets displayed promising signals that might indicate their future movement. Dogecoin (DOGE) is one of those. The TD Sequential has recently generated a buy signal on the 3-day chart for Dogecoin. The probability of a resurgence to $0.100 or beyond appears favorable, contingent upon the sustained stability of the $0.074 support cluster, per a post on X by crypto analyst Ali Martinez on January 14. TD sequential for Dogecoin on a 3-day price chart. Source: Ali Martinez The TD sequential is a robust tool crafted to pinpoint the precise moment of trend fatigue and subsequent price reversal. As a counter-trend instrument, it addresses the limitations observed in various technical Analysis indicators that prove profitable in trending markets but exhibit suboptimal performance in sideways or ranging markets. Another technical indicator is not so optimistic Many technical indicators should be employed t...
Read more

IRS, Treasury temporarily waive business crypto reporting requirements

IRS and Treasury say businesses do not have to report cryptocurrency receipts until new regulations are issued. In a press release on Jan. 16, the Internal Revenue Service (IRS) said in a joint statement with the U.S. Treasury Department that American business es do not have to report their receipts in crypto currencies the same way they do with cash. However, the regulators noted the exception will only last “until Treasury and IRS issue regulations.” “Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets, giving the public an opportunity to comment both in writing and, if requested, at a public hearing.” The IRS The announcement does not impact the rules in place before the Infrastructure Investment and Jobs Act for reporting cash received in the course of a trade or business, the IRS said, adding that cash transactions over $10,000 received in a trade or bu...
Read more