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MirhaMirha

2024/10/04 09:12

Ripple is set for a downturn as it closes below

Ripple price was rejected from the July 31 high of $0.657 and declined more than 18% in the next four days. During this decline, XRP closed below its 200-day EMA at $0.555 and its daily support level at $0.545, closing below its ascending trendline. On Friday, it trades slightly above around $0.532.

If these levels (the 200-day EMA at $0.555, the daily level at $0.544, and the previous broken ascending trendline) hold as resistance, it could extend the decline further and retest its August 5 low of $0.431.

Like Bitcoin and Ethereum, the momentum indicators MACD and RSI signal bearish biases and suggest the continuation of downward moves.XRPUSDT_2024-10-04_08-52-08-638636128251470861.png

However, if Ripple rises and closes above the 200-day EMA at $0.555, it could extend its rise to retest its July 31 high of $0.657.
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