Saturday, February 4, 2023
 

As Bullish Steam Fades, Bears Drag the XRP Price Down to $0.3405

  • Bears in XRP drag the price to $0.3404 after bulls faced resistance at $0.3455.
  • Bears continue to exercise their control invalidating bulls attempt to correct market
  • As they trend south, indicators urge traders to proceed with caution.

In the morning, the bears priced XRP at $0.343, but after a decline to $0.34, the market found some stability. However, buying pressure from investors invalidated the bearish trend, and the price climbed to a session high of $0.3455. Recent market dominance has been exercised by bears, resulting in a decline in market price to $0.3405 (down 0.54%).

The XRP market capitalization fell by 0.50% to $17,224,395,796 and the 24-hour trading volume fell by 31.73% to $390,711,199, respectively, indicating that selling pressure is intensyfing as worry for further price loss prevails.

XRP/USD 24-hour price chart (source: CoinMarketCap)

In the previous several hours, the XRP market fluctuated between $0.3342 and $0.3455. If the price keeps going up, the next levels of resistance might be between $0.3600 and $0.3750. In the following days, if XRP’s bullish trend persists, these levels of resistance might be challenged. However, the price might fall below the support levels and retrace around $0.3342 if bulls continue to lose ground. If that level is breached, there is the potential for a further pullback to $0.30 or lower.

XRP/USD 4-hour price chart (source: TradingView)

In the near term, the Technical Ratings indicator flashes a “strong sell” signal, alerting traders of a likely continuation of the bear rule and prompting them to rethink the direction of their holdings in light of the current market attitude.

Furthermore, the Klinger Oscillator’s recent drop below its signal line implies a negative effect on the XRP market, indicating that bulls have given up. As the Klinger Oscillator has achieved a reading of -248.339k and the signal line has reached a value of 246.04k, this bearish crossing is regarded a likely predictor of a continuing negative trend in the market.

The MACD line, which gauges market momentum, has been declining, indicating a negative crossover around -0.005 and implying that the XRP market bear trend may continue. This might be seen as a slowdown in XRP market trading activity is a negative indicator. The decrease in XRP trading volume dampens market excitement and push prices considerably down, testing the support level.

XRP/USD 1-hour price chart (source: TradingView)

In conclusion, XRP bulls must raise prices to strengthen support and attract more investors. To maintain momentum and reach new highs, it must break through critical resistance levels.

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.

  • Bears in XRP drag the price to $0.3404 after bulls faced resistance at $0.3455.
  • Bears continue to exercise their control invalidating bulls attempt to correct market
  • As they trend south, indicators urge traders to proceed with caution.

In the morning, the bears priced XRP at $0.343, but after a decline to $0.34, the market found some stability. However, buying pressure from investors invalidated the bearish trend, and the price climbed to a session high of $0.3455. Recent market dominance has been exercised by bears, resulting in a decline in market price to $0.3405 (down 0.54%).

The XRP market capitalization fell by 0.50% to $17,224,395,796 and the 24-hour trading volume fell by 31.73% to $390,711,199, respectively, indicating that selling pressure is intensyfing as worry for further price loss prevails.

XRP/USD 24-hour price chart (source: CoinMarketCap)

In the previous several hours, the XRP market fluctuated between $0.3342 and $0.3455. If the price keeps going up, the next levels of resistance might be between $0.3600 and $0.3750. In the following days, if XRP’s bullish trend persists, these levels of resistance might be challenged. However, the price might fall below the support levels and retrace around $0.3342 if bulls continue to lose ground. If that level is breached, there is the potential for a further pullback to $0.30 or lower.

XRP/USD 4-hour price chart (source: TradingView)

In the near term, the Technical Ratings indicator flashes a “strong sell” signal, alerting traders of a likely continuation of the bear rule and prompting them to rethink the direction of their holdings in light of the current market attitude.

Furthermore, the Klinger Oscillator’s recent drop below its signal line implies a negative effect on the XRP market, indicating that bulls have given up. As the Klinger Oscillator has achieved a reading of -248.339k and the signal line has reached a value of 246.04k, this bearish crossing is regarded a likely predictor of a continuing negative trend in the market.

The MACD line, which gauges market momentum, has been declining, indicating a negative crossover around -0.005 and implying that the XRP market bear trend may continue. This might be seen as a slowdown in XRP market trading activity is a negative indicator. The decrease in XRP trading volume dampens market excitement and push prices considerably down, testing the support level.

XRP/USD 1-hour price chart (source: TradingView)

In conclusion, XRP bulls must raise prices to strengthen support and attract more investors. To maintain momentum and reach new highs, it must break through critical resistance levels.

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.

 

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