Here’s Why Ripple (XRP) Price Dipped 10% In Just One Hour

2023-4-20 17:59

The Ripple (XRP) price fell sharply on April 19 after a crucial resistance area rejected it.

Despite the fall, the wave count offers hope for a potential reversal as long as the price reaches a bottom soon. Will XRP be able to recover its bullish structure?

Ripple Price Struggles With Resistance

The XRP price has increased since breaking out from a descending resistance line on March 21. The breakout from the line suggested that the previous correction had ended. It led to a new yearly high of $0.585 on March 29.

Initially, the price seemed to have cleared the $0.530 resistance area. However, XRP created a long upper wick and fell. The wick is considered a sign of weakness. It means buyers could not sustain the price, and sellers took over, driving it down. A similar wick on April 14 (red icon) supports this possibility. So, the $0.530 area now acts as resistance again.

XRP/USD Daily Chart. Source: TradingView

Moreover, the digital asset is in the process of creating a bearish engulfing candlestick. This is a type of bearish candlestick in which the entire previous increase is negated in one day. It aligns with the previous bearish readings regarding the long upper wicks.

XRP Price Prediction: How Can the Price Recover?

The technical analysis from the short-term six-hour count offers a bullish XRP price forecast. The main reason for this is the wave count. Elliott Wave theory is a tool used by technical analysts. It looks for recurring long-term price patterns and investor psychology in order to determine the trend’s direction. 

According to it, it appears that the current price is in the fourth wave of a five-wave increase (white). This is a positive indication for XRP’s future price, suggesting that it could potentially surpass the $0.525 resistance are and reach $0.650.

The fourth wave’s price movement will determine the future trend’s direction. At present, the most likely pattern for completing the corrective wave is a bounce at the 0.5 Fib retracement support level.

XRP/USDT Six-Hour Chart. Source: TradingView

Fibonacci retracement levels hypothesize that after a large price move in one direction, the price will retrace partially to a previous price level, before resuming in the original direction. They can also be used to determine the top of future upward movements.

So, if the bullish XRP price prediction materializes, the Ripple price could increase to the $0.650 resistance area. Besides being a horizontal resistance area, it is also the 1.61 Fib of wave four (black). Due to this confluence, the area will likely act as the top.

However, a decrease below the wave one high at $0.433 (red line) would invalidate this bullish wave count. In that case, the XRP price could fall down to the $0.37 horizontal support area.

For BeInCrypto’s latest crypto market analysis, click here.

The post Here’s Why Ripple (XRP) Price Dipped 10% In Just One Hour appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price xrp one hour ripple dipped trend

price xrp → Результатов: 126


Dogecoin Vs. XRP Price: Battle For $1 Rages On As $0.03846 ETFSwap (ETFS) Takes The Lead

As the price competition for cryptos intensifies, two popular tokens, Dogecoin (DOGE) and XRP, are racing to reach the $1 mark. However, while the Dogecoin price and XRP price chase a possible $1 rally, a new contender, ETFSwap (ETFS), leads the charge, with experts predicting its market value will skyrocket faster than its competitors.

2024-11-5 23:00


XRP Price Prediction: Ripple Whales Fail To Hold Support, Investors Move Into ETFSwap (ETFS) For 10000% Gains In 13 Days

The XRP price prediction took a different tone across the board as many market experts predict a possible bearish movement as rippling whales will fail to keep it in the green zone. The last 24 hours saw the XRP price go down by nearly 2%, hinting at investors selling as the XRP price fails to […] The post XRP Price Prediction: Ripple Whales Fail To Hold Support, Investors Move Into ETFSwap (ETFS) For 10000% Gains In 13 Days appeared first on CaptainAltcoin.

2024-10-22 23:00


Dogecoin Price To Hit $1 First Amid XRP Price Crash, But ETFSwap (ETFS) Will Get There First With 10000% Rally

The race to $1 gets heated up for Dogecoin price, XRP price, and the ETFSwap (ETFS) tokens, with all three altcoins vying for attention. However, while Dogecoin price and XRP price continue to dominate headlines, it’s the ETFSwap (ETFS) tokens that are sure to surprise everyone, thanks to their unique offerings, that propel it in […]

2024-10-11 19:00


This Pattern Signals XRP Price Will Hit $13, Predicts Crypto Trader – Here’s When

Egrag, a prominent crypto analyst, has shared a long-term prediction for XRP. He suggested a compelling price pump is around the corner based on a chart pattern known as the Nike Swoosh.  The analyst believes this pattern could lead XRP’s price to hit a target of $13, a crazy jump from its current trading price […] The post This Pattern Signals XRP Price Will Hit $13, Predicts Crypto Trader – Here’s When appeared first on CaptainAltcoin.

2024-9-26 23:00


Crypto Pundit Shuts Down Predictions Of XRP Price Hitting $1,000

A recent buzz on the X (formerly Twitter) social media platform has sparked speculation that the XRP price could hit $1,000. However, a crypto pundit has slammed these overly inflated and seemingly unrealistic predictions, pointing to market capitalization and the coin’s current fundamentals as clear obstacles to such a price surge.  Analyst Criticizes $1,000 XRP […]

2024-9-18 05:00