XRP Price Prediction: $0.65 Run Is No Longer Viable

XRP's (XRP) path to $0.65 now appears uncertain as the token struggles to reclaim key support levels.

Ripple’s (XRP) price encountered significant hurdles in its recent attempt to reach $0.65. After rising from $0.52 on October 1, the token encountered strong resistance at $0.64, halting its upward momentum.

As XRP's price stalled at this level, a technical indicator known as the death cross emerged on its daily chart. This pattern, formed by the 20 EMA (blue) crossing below the 50 EMA (yellow), typically signals sustained downward pressure.

Before this occurrence, XRP managed to overcome several obstacles to reach $0.65, setting its sights on $0.70. However, this upward attempt was cut short by strong selling pressure, which could now present a formidable barrier to any price increases.

Notably, XRP faced a similar scenario between late May and early July, during which its value declined sharply from $0.54 to $0.42. This suggests that unless there is a significant shift in buying pressure, XRP's price may encounter difficulties in reclaiming higher levels.

Furthermore, the community's perception of XRP appears to be shifting, as indicated by a drop in the token's Weighted Sentiment. This metric measures the overall tone of discussions about a cryptocurrency.

When it is positive, it means most comments about the token are optimistic. Conversely, a negative Weighted Sentiment indicates a rise in pessimistic discussions, which could paradoxically be bullish for the token.

As shown below, XRP's Weighted Sentiment has declined from 0.07 to 0.02, aligning with this more pessimistic outlook. This drop may suggest that despite the negative tone, there is potential for a reversal, as overly negative sentiment can sometimes be a contrarian indicator signaling a bullish turn.

XRP Price Prediction: $0.65 Run Is No Longer Viable

A glance at the daily chart reveals that XRP could encounter resistance at $0.55, where the 50% Fibonacci retracement level is situated. This indicator identifies price levels with strong support or resistance.

Currently, XRP's trading volume has decreased, which, when combined with a stalling price, suggests a limited chance of further upward movement. A declining volume typically signals weakening momentum, and if this trend continues, XRP's price could drop to $0.48 in the near term.

Without a significant increase in buying pressure, the chances of sustaining an uptrend appear slim.