After four straight weeks of price fluctuation with extremely low volatility, XRP finally initiated a rally and broke above the 50-day moving average. However, the uptrend came to a halt after reaching the 100-day moving average, and the price is now attempting to surpass it.
Technical Analysis
By Shayan
The Daily Chart
The 50-day moving average had been acting as resistance to the price for several months. However, the bulls recently pushed the price above this range. This resulted in a rally toward the next critical resistance level, which stands at $0.4.
Presently, the cryptocurrency is up against a significant resistance region, which includes the 100-day moving average and the static resistance level of $0.5, which also aligns with the channel’s upper trendline.
In case of a breakout from this region, the market should expect a surge toward the next resistance level at $0.55. However, if the price fails to exceed the above-mentioned level, a short-term consolidation would be the most probable outcome.
The 4-Hour Chart
In the 4-hour timeframe, the price formed an ascending price channel pattern, and after being supported by the lower trendline, it started moving upward. However, the $0.4 resistance level has paused the rally for now, resulting in short-term price consolidation.
If the cryptocurrency surpasses the $0.4 level, the channel’s middle trendline and the $0.5 levels will be the next obstacles to surpass. On the other hand, if the $0.4 level rejects the price, the channel’s lower boundary will be the next significant support level.
The post XRP Eyes $0.4 After 10% Weekly Surge, but is a Drop Imminent? (Ripple Price Analysis) appeared first on CryptoPotato.
[Featured Content] By enabling players to earn money as they play, GameFi has disrupted the traditional gaming market. What was once considered “a waste of time” by parents everywhere, has steadily evolved into an economic opportunity of its own due to the intermingling of cryptocurrency and valuable NFTs with modern gaming technology. Play-to-earn communities, known…
On Tuesday, Sam Bankman-Fried (SBF)’s first long-form interview since FTX’s bankruptcy was published to YouTube by citizen journalist Tiffany Fong. On November 16th, the former CEO offered his perspective on a number of claims made about him since the bankruptcy, and the state of FTX US clients. He also reflected on FTT, the exchange’s native…
Binance US – the American branch of the world’s largest crypto exchange – has eliminated all Ether (ETH) spot trading fees just six months after doing the same for Bitcoin (BTC) pairs on the platform. The zero-fee model will expand free trading to the platform’s ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD pairs. In a press release…
After the two-day-long price declines, bitcoin finally went on the offensive hours ago but was stopped before tapping $29,000. The altcoins, despite being more volatile in nature usually, have remained relatively calm in the past day, with little-to-no movements. BTC Fails at $29K The weekend was expectedly calm due to the low trading volumes, and…
[PRESS RELEASE – Hanoi, Vietnam, January 31st, 2024] Heroes of Mavia, a groundbreaking Web3 AAA mobile base builder strategy game, is now available on iOS and Android app stores. This launch marks a new era in gaming, merging the thrill of strategy gameplay with the innovative aspects of Web3 technology. After a successful private beta
The blockchain gaming powerhouse – Animoca Brands – has raised $100 million in a funding round from Singapore state-owned Temasek. As per Bloomberg’s report, Temasek will be financing the round through convertible bonds. The state fund does not directly invest in crypto-assets and is rather inclined to back service providers in the space instead. It…
Coinbase customers in the US will have the opportunity to receive cash loans against their Bitcoin holdings. If approved, the company’s clients might get their loans in two to three days. The Waiting List As per an official recent announcement, Coinbase has set a specially designated waiting list for their customers, who might like to…
The novel coronavirus (COVID-19) took the world by a storm and its spread, and it shows no signs of slowing down. With the total number of infected people getting close to a million, countries around the world are instituting lockdowns to slow down the spread and keep the hospitals from overflowing with patients. A closer…
[PRESS RELEASE – Please Read Disclaimer] BitMart, a premier global digital assets trading platform, today announced its release of Cryptos of the Year 2020 Report. This report sheds light on ten altcoins listed on BitMart worth investors’ attention in the new year. The list recognizes outstanding projects that defined the year in blockchain, and thought…