What's With XRP? $0.55 Denied
2024-10-17

At the crucial $0.50 price level, XRP was recently rejected, and the token's prospects are not good given the state of the market. Even though there was some bullish movement earlier, XRP could now move into a more bearish phase. The tightening of key moving averages, which portends possible trouble down the road, is one of the primary worries.
A death cross is a bearish signal, whereas a short-term moving average crossing below a long-term one is more likely to occur because the 50, 100 and 200 EMAs are so close to one another. This scenario, which tends to result in further downward pressure on the price, could happen at any time.XRPUSDT Chart by TradingView
Because XRP's volume is steadily declining, there is less market activity to sustain a breakout or recovery. A steeper sell-off may result when price momentum and volume both stall. The amount of $0.56, which denotes the region above the 50 EMA, is one crucial level to monitor. It may signal a possibility for a more robust recovery and possibly even help the token avoid the infamous death cross if XRP is able to rise and remain above this level.
Unfortunately, the lack of buying interest and the deteriorating technical indicators make the path to $0.56 appear uncertain at this time. There is still hope for a recovery because XRP is still in a local uptrend in the short term. But $0.51 is the crucial support level to keep an eye on. As trust in the asset declines, XRP may see a further decline if the price drops below this support.
On the other hand, XRP might gain some breathing room if it bounces back from this support, but a large volume increase is required to turn around the current downward trend. To sum up, XRP is at a pivotal point. A more optimistic outlook would result from regaining $0.56, but a break below $0.51 might cause losses to accelerate. The market is waiting for more guidance, so caution is necessary for the time being.