- XRP recovery failed to materialize as the price dropped below 4-hour 200 EMA.
- A break below the lower line of a symmetrical triangle will bring $0.33 into focus.
Ripple's XRP is losing ground rapidly. The third-largest coin lost over $6 billion of its value in the past 24 hours as the selling pressure has been building since the past weekend.
At the time of writing, XRP is changing hands at $0.48, down over 4% in the past 24 hours and 18% on a week-to-week basis. Ripple's average daily trading volume dropped to $8.6 billion, while its market cap retreated to $21 billion.
XRP recovery in danger
Bullish signals on XRP's short-term charts failed to materialize as the token continued moving down and the price slipped below the local support created by the 4-hour 200 EMA and came close to $0.48. This barrier coincides with the x-axis of the descending triangle.
Based on this technical formation, XRP could still rebound from the x-axis to the hypothenuse at $0.53. However, further recovery may be limited as this barrier is reinforced by 4-hour 50 EMA. Only a sustainable move above this area will invalidate the bearish scenario and bring the recovery back on track.
XRP, 4-hour chart
Meanwhile, if the price breaks below the triangle's x-axis at $0.48, the sell-off will continue towards the estimated target of $0.33 or lower. The next strong support comes at $0.32, as this area served as a significant resistance during the recovery attempt in August. Verifying it now as support would confirm the upside momentum is resumed.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.