Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Ripple Price Analysis: The Reason XRP Crashed by 6% in the Past 24 Hours

Ripple Price Analysis: The Reason XRP Crashed by 6% in the Past 24 Hours

CryptopotatoCryptopotato2024/07/31 16:00
By:Author: CryptoVizArt

Ripplrice has been recovering recently, spreading optimism among market participants and XRP investors.

Ripple Price Analysis

By TradingRage

The USDT Paired Chart

Looking at the XRP/USDT chart’s daily timeframe, the price has rebounded from the $0.4 support level with momentum. It has reclaimed $0.5 and the 200-day moving average, located around the $0.55 mark.

The market is currently testing the $0.6 resistance. While the price is gradually climbing above the level, the RSI is demonstrating bearish divergence with the recent price highs. Therefore, a correction could be expected in the short term.

The aforementioned bearish divergence painted by the RSi could also be part of the reasons why the XRP price crashed by around 6% in the past 24 hours.

The BTC Paired Chart

Looking at the BTC paired chart, XRP has reclaimed the 800 SAT level and is also breaking the 200-day moving average to the upside. If successful, the market could rally toward the 1200 SAT resistance level in the short term.

With the Relative Strength Index showing values above 50%, market momentum is also in favor of a bullish move higher for Ripple against Bitcoin.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

The current paradox of the Bitcoin network is particularly striking: while the protocol layer has never been more secure due to high hash power, the underlying mining industry is facing pressure from capital liquidation and consolidation.

区块链骑士2025/11/28 08:23
Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?

What are the privacy messaging apps Session and SimpleX donated by Vitalik?

Why did Vitalik take action? From content encryption to metadata privacy.

ForesightNews 速递2025/11/28 08:23
What are the privacy messaging apps Session and SimpleX donated by Vitalik?

The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun

The attacker incurred a loss of 3 million in a "suicidal" attack, but may have achieved breakeven through external hedging. This appears more like a low-cost "stress test" targeting the protocol's defensive capabilities.

ForesightNews 速递2025/11/28 08:23
The covert war escalates: Hyperliquid faces a "kamikaze" attack, but the real battle may have just begun