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XRP Failed to Break Resistance Zone! Could Start a Bearish Trend!

  • Ripple (XRP) is trading below the $0.53 level on the hourly price chart and this level has become a resistance.
  • If XRP stays above $0.53, an upward trend may be observed, but if it cannot exceed the $0.54 level, the downward movement may continue.
  • XRP’s failure to close above the $0.5474 level on the daily price chart indicates that the downward movement may continue, and the double top formation should also be considered.

When examining Ripple’s price chart, it can be seen that XRP is facing resistance below the $0.53 level, and the downward movement may continue.

Medium-Term XRP Price Analysis

Daily XRP/USD Price Chart

Daily XRP/USD Price Chart

When examining Ripple’s daily price chart, it can be seen that XRP failed to close above the significant resistance level of $0.5474 on a daily basis.

XRP price may continue the downward movement towards the $0.48 levels mentioned in the analysis as long as it cannot close above the $0.5474 level on a daily basis.

In addition, a double top formation is observed on the daily timeframe of XRP, which is an important indicator for XRP investors. If XRP cannot exceed the mentioned resistance level, the downward trend may start from this area.

The $0.51 level should be considered as the nearest support level for XRP. If XRP closes below the $0.51 level on a 12-hour basis, it can be technically considered as entering a downward trend.

Short-Term XRP Price Analysis

1 Hour XRP/USD Price Chart

1 Hour XRP/USD Price Chart

When examining Ripple’s hourly price chart, it can be seen that XRP is trading below the significant support level of $0.53.

XRP price has now turned the $0.53 level into a resistance level. If XRP stays below the $0.53 level, the downward movement may continue, primarily towards the $0.51 levels.

However, if XRP price stays above the $0.53 level on an hourly basis, it may continue the upward movement towards the $0.54 levels.

If it cannot exceed the $0.54 level, there is a possibility that XRP may extend the downward movement towards the $0.49 levels.

In both scenarios, it is predicted that the downward movement may continue towards the $0.49 levels as long as XRP price does not show daily candlestick closures above the $0.54 level.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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