XRP Price Prediction as XRP Drops 1.2% in 24 Hours – Time to Buy the Dip?
In today's market update, Ripple has witnessed a decline of roughly 1.2%, bringing its current price to $0.4787.
Despite this dip, there seems to be a silver lining as the cryptocurrency displayed signs of recovery during the US trading session.
The trading volume for XRP over the last 24 hours hovers around the $1 billion mark. As per CoinMarketCap, XRP holds the #6 position in terms of market capitalization, which currently stands at approximately $25 billion.
Presently, there is a circulating supply of 53,083,046,512 XRP coins out of a maximum supply of 100,000,000,000 XRP coins.
Currently, the XRP/USD trading pair is manifesting a distinct downward inclination. It has descended past a critical support threshold at the $0.4900 zone, previously recognized as a formidable triple-bottom support area.
An analysis of the 4-hour chart reveals the presence of a bearish engulfing candlestick pattern, hinting at a likely acceleration in the coin's selling activity.
Under these circumstances, XRP/USD is on track to approach the next support level at $0.4700 and may even tread towards the $0.4595 region if the bearish undertone continues.
The coin is now facing an immediate ceiling at the $0.4900 level, hindering its upward movements.
The bearish sentiment is further emphasized by both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators, which are firmly positioned in the bearish zone.
The 50-day Exponential Moving Average (EMA) also outlines a resistance close to the $0.4950 region.
Persistent closures beneath this boundary act as a cautionary signal, emphasizing the likelihood of a sustained bearish phase.
On the flip side, if XRP can muster the strength to eclipse the $0.4950
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