- 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 $0.50 could be possible in the short term.
XRP just lost support. Every major moving average has flipped.$XRP now hovering just over 50¢.Are you following? pic.twitter.com/r0HEx7TkaL
— Altcoin Daily (@AltcoinDailyio) January 31, 2024
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 …
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