Tuesday, October 26, 2021
Home Crypto News Analysis XRP Price Falls By 20%-Is This The Beginning Of A Significant Market...

XRP Price Falls By 20%-Is This The Beginning Of A Significant Market Correction

- Advertisement -

On December 10th, in our XRP price analysis, we raised the question of whether Ripple could be facing a trend reversal. This possibility was primarily justified by the bearish breakout from a larger symmetrical triangle. Since then, the XRP price has plummeted another 15.6% and is currently trading at 0.45 USD.

Read Our XRP Price Analysis published on Dec-10


Now the third-largest cryptocurrency by market capitalization has lost further support of 200 moving average shown as a red line on the 4H chart, which speaks for further downside potential, at least in the short term.

XRP price analysis

50 moving average shown as the blue line on the 4H chart turned into resistance and is increasingly pushing down the price of XRP.

Next levels of support for the XRP price

We have projected two support lines for the XRP price on the daily chart to show the next available support levels that lie between the current price and the minimum price target of just under $ 0.30.

This minimum price target from a statistical point of view is a trend reversal that occurs in only 57-62 percent of cases. This means that the probability is slightly higher than it will be achieved than that it will not be achieved.

Ripple price analysis

We have drawn the next two support lines on the daily chart as horizontal green lines in the above image. These support levels are at 0.46 and 0.44 USD.

The next support after these levels is the 50 moving average line on the daily chart shown in blue, which is at 0.40 USD.

We see that the XRP Price is relying on some support levels. The critical question is whether the selling of XRP tokens is primarily due to the Spark Token Airdrop or whether this is a normal correction for Ripple along with the entire crypto market.

Top Crypto Exchanges

[maxbutton id=”8″ ]

[maxbutton id=”1″ ]

- Advertisement -
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Good Games Guild Announces Triple IDO on Seedify, Ignition, MoonStarter

Jakarta, Indonesia, 24th October, 2021, Good Games Guild, a gaming hub that aims to create the largest virtual world economy by optimizing its owned...

YearnNFT Finance: An Advanced Approach to NFTs with Digital Art and Collectibles

Since August, the market sales with respect to NFTs have skyrocketed, where a single NFT sales round up to millions worth. There have been...

The Bank Of Israel Aims To Launch Its CBDC On Ethereum

For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones that are...

Russian Central Bank Head Says Russia Is Not Ready To Launch Crypto ETFs

The head of the Bank of Russia, Elvira Nabiullina gave a negative answer to the question about the possibility of trading cryptocurrency ETFs in...

Spanish Banks Anxiously Waiting For Central Bank Approval To Work With Cryptocurrencies

Spanish banks are interested in providing cryptocurrency services directly to clients and expect the Spanish Central Bank will bring regulatory clarity for crypto.

Reddit Intend To Bring Its Non Fungible Token (NFT) Platform

Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods. ...

Second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) Started Trading On Nasdaq

On the Nasdaq Stock Exchange under the ticker BTF, a Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.