Based

bullish

Worried

Read

Despite the sudden recovery in major altcoins, the XRP price action reveals a struggling bullish attempt at a recovery rally. The altcoin is currently trading at $0.5131, with a 0.29% drop in the past 24 hours.&nbsp;  
The XRP price has dropped by 3.83% in the past 30 days and struggles to sustain dominance above the $0.50 psychological mark. Amid the increasing market volatility, will the XRP price find a bullish route back to the $1.00 psychological mark?&nbsp;  
<h2 class="wp-block-heading" id="h-xrp-tests-23-60-fibonacci-level-after-triangle-breakdown">XRP Tests 23.60% Fibonacci Level After Triangle Breakdown</h2>  
In the daily chart, the XRP price action shows a bearish breakdown below the local support trend line. This marks the bearish outcome of a symmetrical triangle pattern.&nbsp;  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/02140549/image-8-1024x509.png" alt="XRP price chart" class="wp-image-375251">
</figure>  
<a href="https://www.tradingview.com/x/Z379CvBU/" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a>  
Furthermore, this puts the 23.60% Fibonacci level at $0.5128 at risk. Projecting the possibility of a minor recovery for XRP, the Doji candle found yesterday teases a Morningstar pattern.&nbsp;  
If a morning star pattern acts as a bullish reversal pattern, XRP price could retest the broken support trend line. Furthermore, the formation of this pattern near the 23.60% Fibonacci support level will increase the chances of a bullish recovery.&nbsp;  
Technical Indicators:  
EMA: The increased bearish influence has resulted in a death cross event between the 50-day and 200-day EMA.&nbsp;  
MACD: The MACD indicator shows a declining trend in the MACD and signal line as the supply pressure grows. &nbsp;Hence, technical indicators oppose the chances of a bullish recovery.&nbsp;  
<h2 class="wp-block-heading" id="h-will-xrp-price-fall-under-0-50">Will XRP Price Fall Under $0.50?</h2>  
Based on the Fibonacci retracement tool and the price action analysis, a recovery rally with a broad market bull run will likely challenge the 50% Fibonacci level at $0.6185 or $0.7331. On the flip side, the crucial support remains at the $0.50 psychological mark and $0.45 mark.  
Worried about the XRP price in the long run? Read Coinpedia’s <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Ripple (XRP) Price Prediction</a> for 2024-2030 and subscribe to us for the latest crypto updates.

XRP Price Fall: Is 23.60% Fibonacci Level a Reversal Spot?

Table of Contents

CoinPedia News

Other articles published on Nov 2, 2024

Want a Lamborghini? A $200 Investment in These Cryptos Today Could Get You One by 2025

BitMEX’s Arthur Hayes Views SOL as a ‘High Beta Bitcoin,’ Preferring It Over ETH

5 Indicators Signaling Solana’s Potential for a New All-Time High

Pump.fun Unveils New "Pump Advance" Trading Terminal, Teases Native Token Release

Analyst Sees PEPE, XYZVerse, and WIF as Next Shiba Inu

Cybro Presale Raises $4 Million, Surpassing Solana and Avalanche

Join our free newsletter for daily crypto updates!