Connect with us

Altcoin

XRP Dips To Seek Support At $0.48

Published

on

[ad_1]

XRP price is back to trading below $0.5 roughly a week after increasing to $0.55. The cross-border money remittance token has in the last 24 hours lost 2.5% of its value to trade at $0.486 on Tuesday.

The bearish wave is not unique to XRP price, with Bitcoin decreasing by 2.2% and barely holding above $27,000. Ethereum extended the down leg below $1,600 and currently exchanges hands at $1,556, down 2.2% in 24 hours.

XRP Community Pokes into Ripple’s Management Of The Escrow Account

Ripple’s leadership has for a long time maintained that it does not interfere with the performance of XRP price in the market. However, the decision by the company not to sell a significant portion of its monthly allotment of XRP in the escrow account has started to raise questions.

Advertisement

One critic called Alter Diego voiced his concerns on X (formerly Twitter) mainly on the sale of escrowed XRP. He argued that Ripple is selling the least amount of the tokens despite receiving regulatory approval which could mean the company is indirectly bolstering XRP price.

“The fact that Ripple doesn’t manage to sell even half of its monthly $XRP escrow release even after “having gained clarity” should tell you everything you need to know about this coin,” Diego wrote on X.

Meanwhile, Julian Williams, another XRP enthusiast said that it does not matter which action Ripple chooses to take because people would still blame it for “dumping” XRP if the entire monthly allotment is sold.

Advertisement

XRP Price Prediction As $0.5 Flips Into Resistance

XRP price is on the verge of a larger breakdown following the validation of a symmetrical triangle pattern on the daily chart. At the same time, the cross-border money remittance token holds below all three major moving averages, starting with the 21-day EMA, the 100-day EMA, and the 200-day EMA.

The Relative Strength Index (RSI) is back below the midline and dropping toward the oversold after abandoning the climb to the overbought region at 60. If bulls do not put their best feet forward and guard the immediate support at $0.48, the possibility of an immediate recovery would highly depreciate.

XRP price prediction chart
XRP/USD daily chart | Tradingview

Holders may decide to capitulate in favor of other altcoins if a recovery fails to occur at $0.48. The presence of the triangle pattern could push XRP price 34% below the breakout point at $0.51 to $0.33.

Upholding support at $0.48 would go a long way to avert the sell-off thus giving bulls a chance to regroup and push for another recovery attempt above $0.5.

Related Articles

Advertisement

✓ Share:

John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.

Advertisement

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



[ad_2]

Source link

Advertisement
Advertisement
Advertisement
Uncategorized3 seconds ago

Spielautomat High society vortragen Diese gebührenfrei im kostenlose Spins keine Einzahlung Reel Rush 1win Spielsaal

Uncategorized32 seconds ago

Finest A real income Local casino Programs 2024: Greatest Mobile Online casinos

Uncategorized3 minutes ago

una treintena Giros gratuito desprovisto depósito Más grandes bonos Diciembre

Uncategorized6 minutes ago

Top High Payout Casinos on the internet within the 2024

Uncategorized6 minutes ago

Every night within the paris Position On line Remark & Totally free Play

Uncategorized7 minutes ago

Select from a gamble having a possible enormous payout, otherwise settle for the brand new higher amounts and a cure for a fortunate winnings. One spread honours you to definitely, a few scatters prizes a couple, and so on. To sum it up, as usual, Microgaming features introduced a new enjoyable position games. A bit quick-paced and thrilling to experience, professionals that have a love for the adrenaline hurry will definitely enjoy this video game. Sign in fa fa slots /Register to the Sparkle Star Casino to love this game.

Uncategorized8 minutes ago

12 000+ kostenlose all aboard Slot Free Spins Verbunden Slots & Spielautomaten Free

Uncategorized11 minutes ago

Revisión sobre Verde Casino, bono sin tanque de 50 giros sin cargo

Uncategorized11 minutes ago

On the internet Blackjack Real money Greatest Gambling enterprises playing Black-jack

Uncategorized13 minutes ago

Play Position Alien Robots by the NetEnt

Uncategorized15 minutes ago

35 Freispiele bloß Einzahlung doom of egypt Casino -Slot Jetzt bewachen!

Uncategorized15 minutes ago

Better Cellular Ports and you can A real income Slot Applications January best online slots 2025