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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Nov 02, 2024 08:40 UTC
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XRP Price Fall: Is 23.60% Fibonacci Level a Reversal Spot?
Bearish Breakdown: XRP experienced a bearish breakdown below a local support trend line, confirming a symmetrical triangle pattern failure and pressuring the 23.60% Fibonacci level at $0.5128.
Death Cross Signal: The 50-day and 200-day EMAs have formed a death cross, indicating persistent bearish momentum and increasing supply pressure.
Potential Reversal Pattern: A Dogecandle suggests a potential Morningstar reversal pattern near key support, hinting at a recovery rally that could test the 50% Fibonacci level at $0.6185.
Despite the sudden recovery in major altcoins, the XRP price action reveals a struggling bullish attempt at a recovery rally. The altcoin is currently trading at $0.5131, with a 0.29% drop in the past 24 hours.
The XRP price has dropped by 3.83% in the past 30 days and struggles to sustain dominance above the $0.50 psychological mark. Amid the increasing market volatility, will the XRP price find a bullish route back to the $1.00 psychological mark?
XRP Tests 23.60% Fibonacci Level After Triangle Breakdown
In the daily chart, the XRP price action shows a bearish breakdown below the local support trend line. This marks the bearish outcome of a symmetrical triangle pattern.
Furthermore, this puts the 23.60% Fibonacci level at $0.5128 at risk. Projecting the possibility of a minor recovery for XRP, the Doji candle found yesterday teases a Morningstar pattern.
If a morning star pattern acts as a bullish reversal pattern, XRP price could retest the broken support trend line. Furthermore, the formation of this pattern near the 23.60% Fibonacci support level will increase the chances of a bullish recovery.
Technical Indicators:
EMA: The increased bearish influence has resulted in a death cross event between the 50-day and 200-day EMA.
MACD: The MACD indicator shows a declining trend in the MACD and signal line as the supply pressure grows. Hence, technical indicators oppose the chances of a bullish recovery.
Will XRP Price Fall Under $0.50?
Based on the Fibonacci retracement tool and the price action analysis, a recovery rally with a broad market bull run will likely challenge the 50% Fibonacci level at $0.6185 or $0.7331. On the flip side, the crucial support remains at the $0.50 psychological mark and $0.45 mark.
Worried about the XRP price in the long run? Read Coinpedia’s Ripple (XRP) Price Prediction for 2024-2030 and subscribe to us for the latest crypto updates.
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