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Ripple (XRP) Holds at $0.557 Amid Bearish Sentiment; Key Level at $0.5604

Arslan Butt•Sunday, September 1, 2024•2 min read

Ripple (XRP) is currently trading at $0.557227, reflecting a 2.16% decline over the past 24 hours. The cryptocurrency’s 24-hour trading volume stands at $488,711,635, positioning it as the seventh-largest by market capitalization at $31,344,899,328.

XRP has a circulating supply of 56,251,561,168 coins, with a maximum supply capped at 100,000,000,000 coins.

XRP Struggles at $0.55 Support Amid Broader Market Downturn and Investor Caution https://t.co/ueFyzLS98J pic.twitter.com/FWZf1kj5fv
— TheFinancialAnalyst (@AoFAFinance) September 1, 2024

Ripple (XRP/USD) Technical Analysis

Ripple’s price action is currently constrained by a downward trendline and a descending channel, both of which suggest that the bearish momentum could continue.

The pivot point at $0.5604 serves as a critical level; trading below this point signals further downside risk. Immediate support is found at $0.546, with subsequent levels at $0.5363 and $0.5283.

The 50-day Exponential Moving Average (EMA) at $0.5678 reinforces the bearish outlook, as XRP is trading below this average, adding to the downward pressure.

The Relative Strength Index (RSI) is currently at 39, indicating that the market is approaching oversold conditions, but not quite there yet. This leaves room for additional downside, particularly if selling pressure intensifies.

$XRP by request:
Top-down approach, as always, for the bigger picture.
The Weekly is inside this descending channel and currently attempting to print a bearish reversal above the track line. You can see how it got rejected at the 200WMA, but has held above the 50WMA. I have… pic.twitter.com/AL7lItXCrL
— CJ Bennett (@the_real_CJ) September 1, 2024

If XRP fails to hold above the $0.5604 pivot point, the next significant support level at $0.546 could be tested. A break below this could open the door to further declines toward $0.5363 and possibly $0.5283, where stronger buying interest might emerge.

However, should XRP manage to break above the $0.5604 level, it could signal a shift in sentiment. In this scenario, immediate resistance would be encountered at $0.5753, followed by $0.5854, and then $0.6004.

A move above these resistance levels could trigger a bullish reversal, though this would require sustained buying interest and a break above the 50-day EMA.

Conclusion

XRP remains under pressure, with the bearish outlook prevailing as long as the price stays below the $0.5604 pivot point.

A break above this level could shift the momentum to a more bullish stance, but the current technical indicators suggest that the downward trend is likely to continue in the near term.

Key Insights:

Bearish Bias: XRP remains bearish below $0.5604, with immediate support at $0.546.
Resistance Levels: Upside is limited by resistance at $0.5753, $0.5854, and $0.6004.
RSI at 39: The market is nearing oversold conditions, but there’s still room for additional downside.

Traders should monitor these levels closely as they will likely dictate Ripple’s short-term price action.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.