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XRP Faces Extended Bearish Pressure At $0.4937 Amid Market Weakness
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XRP Faces Extended Bearish Pressure At $0.4937 Amid Market Weakness

Godspower Owie
Godspower Owie
11 months ago
2 mins read
XRP

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XRP, one of the leading cryptocurrencies, is currently grappling with extended bearish pressure amid prevailing market weakness. The digital asset has been facing significant downward momentum, influenced by a confluence of factors including macroeconomic uncertainties, regulatory challenges, and broader market sentiment. 

Thus far, XRP’s price has struggled to maintain key support levels, exacerbating concerns among traders and investors about its near-term performance. As bearish momentum continues to dominate, this analysis delves into evaluating XRP’s current market position with the help of key technical indicators focusing on the 4-hour and the 1-day chart.

The price of XRP has increased by 0.63%, trading at about $0.4920 in the last 24 hours, with a market capitalization of more than $27 billion and a trading volume of more than $1 billion as of the time of writing. There has been a 1.06% decrease in market capitalization in the last day despite the trading volume being up by 5.89%.

XRP Current Market Performance And Trend

Currently, the price of XRP is actively bearish trading below the 100-day Simple Moving Average (SMA) in the 4-hour timeframe, and the price here is beginning to decline after a failed upward attempt. With the current price formation, it can be suggested that XRP’s bearish trend may likely extend.

XRP
Source: XRPUSDT on Tradingview.com

Also, the Composite Trend Oscillator confirms that XRP’s decline may be extended as both the signal line and the SMA of the indicator are descending from the overbought section toward the zero line.

In the 1-day chart, XRP is trading below the 100-day SMA attempting to move upward. It should be noted that this is just a short-term move as the crypto asset’s price at some point will begin to drop again thereby extending the bearish trend.

XRP
Source: XRPUSDT on Tradingview.com

Additionally, the formation of the 1-day Composite Trend Oscillator indicates that XRP’s bearish trend may likely extend as both the signal line and the SMA of the indicator are trending below the zero line closed to the oversold zone.

Navigating The Bearish Market For The Token

With XRP currently facing significant bearish pressure, It should be noted that if the crypto asset continues bearish as predicted, it will begin to move towards the $0.4663 support level. If it breaks below this level, it will decline further to test the $0.4088 support level and may move to test the $0.3483 support level if it breaches the $0.4088 level. 

However, if XRP fails to decline further and decides to move upward, it will begin to move toward the $0.5725 resistance level. Once this level is breached, XRP’s price will continue upward to challenge the $0.6697 resistance level and may move on to test other resistance levels above.

XRP
XRP trading at $0.4876 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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