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Cryptocurrency News Articles
XRP/USD Price Analysis: Slight Pullback After Significant Sell-Off, Targeting $0.55 Support
Nov 05, 2024 at 11:14 am
XRP/USD experienced a slight pullback following a significant sell-off, reaching a high of $0.51342 and currently trading around $0.51365.
XRP/USD price shows a slight pullback after a significant sell-off, attempting to hold on to key support levels.
XRP/USD 4-hour chart
Key technical points:
XRP/USD price is attempting to hold on to the $0.48 support level.
The pair is trading below both short-term (34 EMA and 55 EMA) and long-term moving averages (200-day EMA).
Any daily close below $0.55 would confirm further bearish trends.
Past Performance of XRP
XRP prices show a slight pullback after a massive sell-off from the Fib retracement level of 0.382 at $0.58. The pullback finds support at the psychological level of $0.48, attempting to consolidate after a steep decline of nearly 15 percent.
At press time, XRP is trading at a price of $0.51365 with gains of nearly 1.3 percent.
XRP Technical Analysis
The XRP technical analysis highlights a bearish trend after a failure to clear the Fib retracement level of 0.382 at $0.58. However, the pullback is finding support at the psychological level of $0.48, preventing further declines.
The pair is trading below both short-term (34 EMA and 55 EMA) and long-term moving averages (200-day EMA), showcasing a bearish trend.
The RSI indicator is attempting to recover from the oversold territory, suggesting a potential buying pressure.
Upcoming Trend
If the XRP/USD price pulls back further from the Fib retracement level of 0.382 at $0.58, it may be a good strategy to buy on dips around $0.4780, with a stop loss set at $0.400 and a target profit of $0.75.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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