GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

XRP Price Prediction: Bears Set to Challenge $0.45 Level as Indicators Flash Caution

The post XRP Price Prediction: Bears Set to Challenge $0.45 Level as Indicators Flash Caution appeared first on Coinpedia Fintech News

XRP is currently trading in a sideways range, having shown a slight upward movement overnight. However, it has not yet surpassed the previous swing high of 54.6 cents. If XRP fails to break above this level, the theory that a fifth wave downward has begun remains valid.

Elliot Wave Chart Analysis:

At this stage, the price action could hint at a potential one-two setup leading into a downward wave five. It’s possible that wave four might extend a bit higher, as the price hasn’t yet reached the 38.2% Fibonacci retracement level. As long as XRP stays below the recent swing high, the onset of wave five to the downside could still be in play. Confirmation of this would require a break below the wave one low at 52.1 cents, established on October 5.

Important Price Levels To Keep An Eye On

Currently, the market is showing signs of a bearish flag formation, which could evolve into a broader channel if the price action continues. The immediate resistance level is set at around 57.8 cents, although if wave four extends significantly, it could create a larger corrective wave. Ideally, wave four should not exceed 56.4 cents; a breakout beyond this threshold might indicate a more complex correction pattern unfolding.

If the price does rise above initial resistance, a bullish scenario could emerge. However, this bullish wave count has significant challenges, as there is little evidence to suggest that a wave two has definitively bottomed out. Therefore, the prevailing price action does not currently support a breakout.

When Will XRP Price Breakout?

Recently, XRP has remained within a defined range, and although there was some momentum indicating a potential upswing, the sell-off has weakened this outlook. The sell-off from early October suggests a bearish trend, supporting the idea that we might see further declines.

Looking ahead, the most likely scenario is a continued downward movement, possibly targeting levels around 49 cents or even 45 cents to complete wave B. Following this, we may see a new attempt at an upward impulse.

Latest Press

post-thumbnail
Press Release
3 hours ago
Blockchain Innovators Worth $21B+ Launch The ZkBoost Consortium for ZK Advancement
The blockchain industry marks a significant milestone today as The ZkBoost Consortium officially lau...
READ MORE
post-thumbnail
News
6 hours ago
Trump Win Sparks 17% Surge in Solana: Is SOL ETF on the Horizon?
The post Trump Win Sparks 17% Surge in Solana: Is SOL ETF on the Horizon? appeared first on Coinpedi...
READ MORE
post-thumbnail
News
6 hours ago
Ethereum Price Prediction: Can ETH Price Hit $3.2k This November?
The post Ethereum Price Prediction: Can ETH Price Hit $3.2k This November? appeared first on Coinped...
READ MORE
post-thumbnail
News
6 hours ago
Solana Poised to Become the 3rd Largest Crypto-Here’s When it May Mark a New Milestone
The post Solana Poised to Become the 3rd Largest Crypto-Here’s When it May Mark a New Milestone ap...
READ MORE
post-thumbnail
News
6 hours ago
How Donald Trump’s Presidential Win Could Transform Crypto Regulations in The US
The post How Donald Trump’s Presidential Win Could Transform Crypto Regulations in The US appeared...
READ MORE
post-thumbnail
News
6 hours ago
Cryptocurrency Won the U.S. Elections 2024 – Here’s Why
The post Cryptocurrency Won the U.S. Elections 2024 – Here’s Why appeared first on Coinpedia Fin...
READ MORE
default post thumbnail
News
6 hours ago
Bitcoin Whales Playing It Safe? Addresses Holding 1,000+ BTC Decline Ahead Of US Elections
Bitcoin (BTC) whales appear to be offloading some of their holdings ahead of the closely contested 2...
READ MORE
default post thumbnail
News
6 hours ago
Ethereum Volatility Soon? Derivatives Exchanges Receive 82,000 ETH In Deposits
On-chain data shows derivatives exchanges have just received large Ethereum deposits, something that...
READ MORE
post-thumbnail
News
6 hours ago
Shiba Inu Set For Takeoff? Analyst Predicts 10-Fold Surge To Yearly Peak
Shiba Inu (SHIB), the popular memecoin, is back in the news after a crypto expert issued a bold proj...
READ MORE
default post thumbnail
News
6 hours ago
Ethereum Analyst Shares Correlation With S&P500 – Last Dip Before It Hits $10,000?
Ethereum (ETH) stands at a critical turning point, with opinions split on its future performance thi...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started