Can XRP $0.3975 Support Hold Against Bearish Momentum?

XRP is searching for stability after experiencing a significant downtrend. As noted by Bill Morgan, a lawyer and crypto enthusiast, XRP’s price has fallen to just over $0.40, with a recent high of $0.4615 and a low of $0.3975 within the specified period. The ongoing bearish trend is evident in a series of red candlesticks, indicating a consistent decline in price.

Acquired more XRP at just over $0.40 https://t.co/89RTRrSG26

— bill morgan (@Belisarius2020) July 5, 2024

The immediate support level for XRP stands at $0.3975. This level is crucial as it is where buying interest might increase, potentially preventing the price from falling further. Conversely, the immediate resistance level is identified at $0.4615. At this level, selling interest may rise, potentially hindering the price from climbing higher.

XRP has formed lower highs and lower lows, a clear sign of a bearish trend. For the price to halt this downtrend, the immediate support at $0.3975 must hold. A break below this support could suggest further downside potential. To reverse the bearish trend, XRP must break and sustain above the immediate resistance at $0.4615.

Additionally, trading volume plays a crucial role in this analysis. Higher trading volume during down moves compared to up moves signifies strong selling pressure. Therefore, monitoring volume trends can provide further insights into market sentiment.

Source: X

Buyers should keep a close eye on the price action around the $0.3975 support level. If the price stabilizes and shows signs of reversal, such as a hammer candlestick or a bullish engulfing pattern, it could signal a potential buying opportunity. Conversely, if the price breaks below this support level, sellers might consider entering short positions or adding to existing ones.

XRP/USD 1-day price chart, Source: Trading view

Currently, the live XRP price is $0.400447, with a 24-hour trading volume of $2,136,608,343. XRP has declined 11.42% in the last 24 hours. The 1-day RSI stands at 21.43, indicating that XRP is oversold and may be poised for a potential price reversal soon. However, the 1-day MACD trading below the signal line suggests continued bearish momentum in the short term.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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