Ripple (XRP) Price Seems ‘Difficult’ to Break Through All Sell Walls, Says Crypto Analyst

2024-10-16 23:30

Ripple (XRP) is currently going through a critical period in the market, with its price battling to overcome various resistance levels, according to crypto analyst CW, who shared this information with his followers on X (formerly Twitter).

The XRP price is trading at $0.5395 and facing three significant sell walls, with the first at $0.553, according to CW. Strong buying pressure is needed for XRP’s price to break through these walls, suggesting that the token’s upward momentum might be delayed without a substantial trigger.

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Show more +Show less – Sell Walls Challenge XRP Price Upward Movement

XRP has faced persistent resistance from the $0.553 price point, where sell orders have created a formidable barrier. 

Looking at XRP’s price over the last 4 hours, CW noticed three big barriers that are stopping the price from going up quickly. He says that for XRP’s price to get past these barriers and start rising, a lot of people need to buy it.

Also, XRP’s price has fallen quite a bit, going from $0.65 down to $0.52.It’s rising somewhat now, but not much. The price range is fixed at $0.553 to $0.52. While it is rising, it is currently unable to cross $0.553.

$XRP order blocks in 4 h chart.$XRP is being resisted by the sell wall at $0.553. $XRP has 3 major sell walls to overcome to rise up. It seems that strong buying will be needed to overcome them.

Therefore, it seems difficult to break through all of these in a short time.… pic.twitter.com/LESTaXVwvH

— CW (@CW8900) October 15, 2024 Order Blocks and Volume Analysis

Order blocks, particularly at the $0.553 and $0.58 levels, indicate concentrated selling pressure that XRP must absorb before further gains can occur. The sell walls around these levels are slowing down upward momentum, keeping the XRP price stuck within a tight range. 

In addition, resistance for XRP may be seen at $0.60, $0.64, and $0.68, indicating the difficulties that lie ahead.

A closer look at the volume analysis suggests a drop in market participation. While large volume spikes occurred during XRP’s steep decline in early October, the current low volume during this consolidation phase signals uncertainty. To break free from these resistance levels, XRP will need increased buying volume.

Read Also: Notcoin (NOT) Price Set for Explosive Breakout – Will It Hit New All-Time Highs Soon?

XRP Support Zones Hold as Price Consolidates

Despite the difficulties XRP’s price faces in overcoming the sell walls, its support level at $0.52 has proven strong so far. If this level holds, XRP’s price may have room for another attempt at breaking through the resistance. Lower support levels at $0.44 and $0.38 provide a safety net, although a failure to maintain current support could push XRP toward these lower levels.

For XRP to break through the multiple sell walls, a substantial trigger is needed, as mentioned by CW. Without such a catalyst, XRP’s price will likely remain in its current range-bound state. However, if a positive event or news affects the market, a faster breakout than expected could occur, allowing XRP to move beyond its current resistance levels.

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The post Ripple (XRP) Price Seems ‘Difficult’ to Break Through All Sell Walls, Says Crypto Analyst appeared first on CaptainAltcoin.

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