On Tuesday, October 10, the cryptocurrency market experienced notable declines, causing anxiety among investors amidst ongoing geopolitical unrest. Over the past day, the crypto market has been in a slump, mirroring a modest decline in global equity markets. This decline coincides with increased oil prices driven by renewed instability in the Middle East.
Bearish Pattern Suggests Potential Drop Near $0.40!
Over the past two months, #XRP has struggled to break past the $0.55 resistance, facing rejection four times. The consistent rejection at this level highlights strong selling pressure. Currently, there's a fresh bearish pullback across the crypto market, and XRP has dropped below a trendline that served as solid support for over a month. If it closes below this trendline on a daily basis, XRP might experience panic selling, potentially reaching the $0.45-$0.40 range soon.
Technical View:
According to Coingabbar Price Analysis, XRP has been in a sideways trading pattern since mid-August 2023. However, it faces challenges in crossing the $0.55 resistance level, causing uncertainty for investors. Recent events, including breaking below the lower trendline of a triangle pattern and the 50-day moving average, have revived bearish sentiment among sellers. If today's candlestick closes below this critical trendline, it could indicate the potential for XRP to decline further, possibly reaching $0.4500, and potentially intensifying selling pressure that might push XRP toward $0.4000.
KEY LEVELS :
RESISTANCE LEVEL : $0.5060-$0.5170
SUPPORT LEVEL : $0.4850-$0.4720
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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