🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

XRP Price Maintains Bearish Momentum Amid Sluggish Market

Published 2024/06/23, 20:15
Updated 2024/06/23, 23:30
XRP Price Maintains Bearish Momentum Amid Sluggish Market

The News Crypto -

  • XRP’s price is developing a sideways triangle pattern according to the analysis.
  • If the price goes below $0.48, then it will likely decline further to test $0.47 support level.

A major milestone has been reached by the XRP Ledger, even though all eyes are on the ongoing lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC).

With the recent achievement of over 10 million XRP tokens locked in its AMM pools, the network has reached a significant milestone. However, this figure has dropped somewhat over the last few hours and is now hovering around 8.9 million XRP locked across over 600 AMM pools.

Bearish Momentum Continues

A pessimistic crypto market has targeted the price of Ripple’s native token, XRP. As the rest of the market falls, XRP is now trading below the critical $0.50 level.

XRP’s price is developing a sideways triangle pattern, according to the analysis of the XRP daily chart, with major resistance at $0.55 and substantial support at $0.47. Conclusively serving as a supply level and maintaining its role as strong resistance, the upper border of the range coincides with the 100-day and 200-day moving averages.

However, a rising flag pattern is usually indicative of the price continuing its prior slump. The rising flag pattern’s bottom limit and the essential support level of $0.47 will form a crucial junction as the XRP price nears it.

At the time of writing, XRP is trading at $0.48, down 1.08% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 22.62%. If the price manages to defy the trend to go above $0.49 level, then it will likely climb towards $0.50 resistance level. However, if the price goes below $0.48 level, then it will likely decline further to test $0.47 support level.

This article was originally published on thenewscrypto.com

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.