The XRP price witnessing renewed supply pressure at $0.5, indicates the prevailing downtrend is likely to continue.
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The first half of October saw the XRP price grappling with considerable selling pressure, dragging its price down from $0.548 to $0.473—a loss of nearly 13.8%. This decline also led to the breaching of the support trendline of an ascending triangle pattern, signaling potential bearishness for XRP price in the near term. Is this enough to go bearish on this altcoin?
Can XRP Price Reclaim $0.5?
- The bearish breakdown from the triangle pattern sets the coin price at 6%.
- The XRP price witnessed supply pressure around the $0.5 mark.
- The intraday trading volume in the XRP is $1.08 Billion, indicating a 182% gain
Earlier today, the leading cryptocurrency Bitcoin witnessed a significant inflow as the rumors spread around the SEC approving the spot Bitcoin ETF. This ripple effect boosted several major cryptocurrencies, including XRP, which saw an intraday gain of 4.82%.
However, the asset faced stiff resistance around $0.51 and even retested the previously breached support trendline of the ascending triangle pattern, now acting as resistance. A long rejection candle in the daily chart suggests that supply pressure remains strong and could continue to drive the correction.
If the price falls below today’s low of $0.485, likely, the XRP price could further slide by approximately 6% to reach the next support level at $0.458, and possibly even down to $0.42.
XRP vs BTC Performance
Source: Coingape| XRP Vs Bitcoin Price
Comparing the last three months, the Bitcoin price showcases better strength than the 5th largest cryptocurrency XRP. While the XRP price trend has shifted from downward to sideways, the Bitcoin price has evolved from a sideways movement to indicate some signs of recovery. This comparative analysis suggests a lack of aggressive bullish momentum in this altcoin,
- Super Trend: A transition of the super trend indicator from red to green projection reflects the buyers’ attempt to recover lost ground.
- Moving Average Convergence Average: A bearish crossover state between the MACD(blue) and signal(orange) slope reflects the downward trend remains intact.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.