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Thursday, September 28, 2023

Will XRP go down to $0.5?

XRP had its time and it made sure that people would create a fortune from itself. The coin and the project were highly in demand and traders were extremely bullish on the project, that it would reach amazing heights and soar high. But the legal battles have now shaken the whole project to its core. As a result, people have taken a side line from XRP and are waiting till the result of the battle is announced.

Price Change Details

XRP had created its All-Time High in April and reached a price of almost $2 before falling down to a price of almost $0.5 by losing 75% of its value. At the time of writing this article, XRP is being traded at a price of $0.95. The price has dropped almost 20% within the last month. Currently, on a daily time frame, a 3.20% increase in the price is being observed.

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What does the Chart Show?

As shown in the chart, the grey zones mark the areas of strong resistance and support for the coin. As seen on the daily time frame, the coin created a double top and that market structure played out. As a result, the price dropped down. The red line shows the neckline of the formation that has played out. As such the market was staying in a zone and was respecting the trend line. As it can be seen that this line acted support for the price and has resulted in the exponential move towards the upside. But the trend line is broken now as the daily close was below the level. Until then the sign of reversal wasn’t shown as the break of the structure never happened but now the structure has broken down (grey zone) and hence the chances are that it will fall down even more and find its support at the shown level.

XRP Price Chart

XRP Support and Resistances

Key levels to watch out for are the demand zone from where the price may show a reaction and can have a bounce from that level. Levels to watch are $1.1, $1.36 as small resistances, and $1.7 as the major resistance in its rally. Demand zone is an important level that should be held so relief can come our way, otherwise, the price may drop down to below $0.5. The same level where XRP went down to after the crash of Bitcoin.

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