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Will XRP’s Price Drop Below $0.50?: Technical Analysis

Published 02/01/2024, 01:08 AM
Updated 02/01/2024, 01:15 AM
Will XRP’s Price Drop Below $0.50?: Technical Analysis
XRP/USD
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  • XRP risked dropping below the $0.50 support as sellers’ dominance increased.

  • The AO was negative, indicating increasing downward momentum for the token.

  • XRP formed an H&S pattern on the daily chart and could drop by another 15%.

A comprehensive analysis of Ripple’s (XRP) price action showed that the token had been confined between $0.49 and $0.53 since January 24. Despite some sideways movement, XRP has flashed a bearish sign, indicating that the token could continue to slip.

Altcoin Daily, a crypto analysis team, also shared a similar sentiment. According to the handle, XRP has lost its support, and a move below $0.50 could be possible in the short term.

XRP/USD 4-Hour Analysis

After examining the 4-hour chart, XRP’s bullish prospects were almost non-existent. This is because of the dominance of sellers in the market and the lack of demand.

The Relative Strength Index (RSI) showed that XRP …

The post Will XRP’s Price Drop Below $0.50?: Technical Analysis appeared first on Coin Edition.

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