XRP retraced, settling itself at a lower low and a new resistance. A head and shoulders formed, signaling a rally short trade. I believe XRP will bounce and retrace, possibly dropping below $0.50. The previous head and shoulders from Nov 23 to Jan 24 caused XRP to dip below $0.50, and then it rallied after the dip. The previous head and shoulders formed in a 3-month window, identical to its recent head and shoulders that started at the beginning of July 2024.
Support - 0.50
Resistance - 0.57
Momentum - Selling
Fear & Greed Index (Binance) - Neutral 50
Bear vs Bull - Bearish
Fundamental analysis: A major factor in the dip was a whale selloff at approximately 32% volume. Market sentiment appears mixed, with some analysts indicating that the current price movements reflect manipulation and uncertainty in the market.
Support - 0.50
Resistance - 0.57
Momentum - Selling
Fear & Greed Index (Binance) - Neutral 50
Bear vs Bull - Bearish
Fundamental analysis: A major factor in the dip was a whale selloff at approximately 32% volume. Market sentiment appears mixed, with some analysts indicating that the current price movements reflect manipulation and uncertainty in the market.
Note
XRP has been in price discovery since the beginning of the month, and its sideways movement has been ongoing. As long as XRP plays above 0.50 support, a bullish momentum awaits. Note
Fundamental Analysis:XRP's sluggishness is due to a couple of factors. Only 20% of the XRP supply is circulated daily through the XRP ledger, and whales are HODL XRP tokens on private wallets. For more in-depth information, take a gander at the article below.
"XRP Price Growth: Analyst Breaks Down The Movements And Why It’s So"
newsbtc.com/analysis/xrp/xrp-price-growth-movements/
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.