For a few weeks now, XRP price has been struggling to maintain a bullish momentum. Many digital asset investors have been asking “is XRP dead” while others want to know what it will take for the digital currency to bounce back. The price of XRP declined below $0.3000 against the USD. It is presently trading below the key support levels and this could mean a loss below $0.2940. despite the bullish XRP price prediction from most analysts, the token seems to be in a bearish trend.
XRP (XRP) Price Today – XRP / USD
XRP Price Forecast – Is XRP Dead – XRP Price Prediction
For a few days now, the price of XRP has seen some gains as it managed to cross the $0.3050 level against the USD. The pair crossed the $0.3100 level successfully but failed to move above the next resistance level of $0.3120.
This resulted in a new decline below the support levels of $0.3080 and $0.3050. recently, the price broke the support level of $0.3000, while the Fib retracement level was at $0.2949 high up to $0.3125 high.
Presently, the price of XRP is bearish and has its support levels at $0.2960 and $0.2950. if this does not change, the bears could push the price to $0.2907 and $0.2900. also, the fib extension level of 1.236 of the last wave is near $0.2907. if losses extend, it could drop near the support level of $0.2850. $0.2840 may also be the next support.
If there is some bullish movement, you can expect a strong resistance near $0.3000 as well as the hourly SMA. From the charts, there is a bearish trend line which is forming resistance near the $0.2980 level. This is a short-term bearish trend line. If the pair clears this trend line, the 100 hourly SMA and the $0.3000 barrier, it could start an upward trend. In this case, the next key resistance would be above $0.3000 and near the $0.3050 level.
Can Recent Partnerships and Positive XRP News Save the Token? – Is XRP Dead
Partnerships as well as the influence of Ripple, haven’t done much good for the Price of XRP in recent days. NASDAQ recently unveiled its plan to add a digital currency index after its partnership with Brave New Coin. The index offers real-time data on XRP price and it was scheduled to go live May 1. The announcement hasn’t changed the bearish trend of the token, hence the fear that is pushing many investors to ask “is XRP dead”
The parent company, Ripple also recently entered a partnership with PTT Exploration and Production. Analysts had hoped this will boost the market
Is XRP’s Bearish Trendline A Buy Signal? – Is XRP Dead?
According to NewsBTC, there is a risk of further losses in the short term. The digital currency is trading at $0.296983 from coin market cap reports. The total market cap is $12,499,142,471 with a 24-hour trading volume of $861,482,218. The price of XRP is vulnerable right now and does not seem to be getting any relief in the short term. Is XRP dead? Some analysts still have bullish XRP price prediction stating that the XRP $589 is possible in the long term.