Ripple Seeks Fresh Entry Opportunities Amid Ongoing Decline, Say Analysts

Crypto News- Earlier this week, Ripple (XRP) made a noteworthy move by surpassing Binance Coin (BNB) in terms of market capitalization. While BNB managed to retain its position, XRP solidified its status as one of the top-performing assets within the top 10 cryptocurrencies.

Ripple Seeks Fresh Entry Opportunities Amid Ongoing Decline, Say Analysts

As of the latest update, XRP was trading at $0.67, reflecting a 12.18% increase over the past seven days. However, it’s important to note that this value represents a decline from the $0.73 mark reached on November 6.

According to insights from the analyst at Cryptonary, XRP’s price faced a setback after encountering resistance at the key level of $0.70. The analyst also pointed out that the Relative Strength Index (RSI) reached a high of 85.53 on November 6, contributing to the price reversal. As of the latest data, the RSI had retreated to 54.55. This decrease in the RSI reading suggests profit-taking activities following the price surge to $0.73. If selling pressure persists, XRP could potentially drop to $0.64.

Notably, there is a support level at $0.62, and for XRP to maintain its position above $0.64, it will be crucial for the bulls to defend the $0.62 mark. Failing to do so might expose XRP to the risk of slipping below $0.60. Furthermore, the Moving Average Convergence Divergence (MACD) was recorded at -0.0047.

Negative MACD values indicate an increasing downward momentum. Additionally, the 26-day EMA (orange) remained above the 12-day EMA (blue), affirming the dominWhat Do Traders Expect for the Bitcoin Cash Price? Will the Price Increase or Hit the Bottom?ance of sellers and making a further decline below $0.67 more likely. In case XRP experiences a drop while support remains intact, traders might consider potential entry points within the range of $0.60 to $0.64.