2023-10-12 16:28 |
XRP has seen lackluster price action lately, declining over 8% in the last week. As investors try to determine where the embattled token goes next, experts seem to agree that further downside is ahead, with $0.45 emerging as a crucial support level to watch.
Torido Sees Breakdown Ahead for XRPAccording to analysis shared by crypto expert Torido Finance, XRP appears poised to plunge towards $0.45 after facing rejection near $0.55 resistance.
“XRP price started a fresh decline from the $0.550 resistance against the US Dollar. It could accelerate lower and revisit the $0.45 support,” tweeted Torido.
Torido points to bearish technical factors like a major downtrend line and weak momentum indicating downside as the path of least resistance. A break and close below $0.45 would open the doors for a steeper selloff towards $0.42, per Torido’s analysis.
Another Expert Flags $0.45 Support in Triangle PatternAnother expert also identifies $0.45 as the nearest support zone for XRP in their analysis. They see XRP trading in an Ascending Triangle consolidation pattern on the daily chart, awaiting a breakout from the $0.45 to $0.55 range to signal the next major move.
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With the medium and long term trends clearly in downtrends, plus momentum indicators like the MACD and RSI flashing weakness, the expert believes the breakout will happen to the downside.
They note that as a continuation pattern, the Ascending Triangle typically resolves in the direction of the preceding trend. With XRP in established downtrends on higher timeframes, the expert suggests a bearish breakdown appears probable.
Experts Align on Likely XRP Weakness AheadThis would put the critical support at $0.45 under threat. A failure to hold this level risks accelerating declines and exposes XRP to retesting lows around $0.42.
With both analysts identifying warnings signs of more downside, investors should prepare for XRP weakness ahead. The area around $0.45 stands out as the key support level to monitor according to expert technical analysis. A breach below this zone could lead to significantly more losses for XRP.
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The post Crypto Experts Agree on Ripple’s (XRP) Further Price Decline to This Level appeared first on CaptainAltcoin.
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