Ripple Price Prediction: XRP Falls Below a Key Level, Will Sellers Continue to Dump?

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The Ripple price slipped over the last 24 hours to trade at $0.5754 at press time as investors offload some of their holdings in the crypto.

The Ripple Price Drops Below a Positive Trend Line

4-hour chart for XRP/USD (Source: TradingView)

The Ripple price dropped below a positive trend line that had formed on its charts over the past few days. As a result, the remittance token retraced to the middle level of the Bollinger Bands (BBANDS) indicator on its 4-hour chart, which is situated at $0.5764. This is the altcoin’s last line of defense from a strong drop, as the Ripple price breaking below this level could be followed by it falling to the $0.55 support level.

Continued sell pressure may then drag XRP below this significant price point. In this scenario, the Ripple price could plummet to as low as $0.5025 in the short term if bulls do not counteract the potential sell volume.

This bearish thesis could be invalidated if the Ripple price closes 3 consecutive 4-hour candles above the middle level of the BBANDS indicator. In this alternative scenario, the altcoin may attempt to reclaim a position above $0.5915 in the following 48 hours. A 4-hour candle above this threshold would be a noteworthy development, as it will also lead to the Ripple price trading above the aforementioned bullish trend line. This could give XRP the foundation needed to continue rising towards the $0.6385 barrier in the next few days.

Buyers Are Weakening Against Sellers

The Relative Strength Index (RSI) on XRP’s 4-hour chart suggests that sellers are growing stronger against buyers. The RSI is attempting to cross below its Simple Moving Average (SMA) line. This potential intersection of the 2 technical indicators will trigger a significant bearish technical flag, which may be followed by a drop in the Ripple price.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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