Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => XRP - Ripple Forum => Topic started by: Coinpedia Fintech News on May 09, 2023, 02:19:42 PM
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The price of XRP has taken a hit, declining over 2% within the last 24 hours and trading close to $0.42. This decline may be due to uncertainty and a possible downward move, according to the YouTube channel More Crypto Online.
They suggest keeping an eye on the downside as long as the price remains below the last swing high of $0.47, with a possible target of $0.37.4 based on a one-to-one ratio between the length of the A wave and the high of the B wave.
The channel also notes that there was previous resistance at around $0.41.7, which could now serve as the next support level. To confirm a bullish wave count, a clear support level is needed, which in this case is at 40 cents, also a 78.6% retracement level.
The recent drop in Bitcoin price due to Binance's suspension of withdrawals may have also contributed to XRP's decline, despite signs of recovery in US regional bank stocks earlier in the week.