XRP's price experienced a decline from $0.64 to $0.52 between October 1 and 3, but managed a recovery to $0.54. However, sustaining a rally to $0.65 encounters resistance due to waning momentum and technical weakness.
The 20 EMA crossing below the 50 EMA on October 5 created a death cross, indicating bearish pressure. Historically, sellers have resisted price increases, suggesting similar resistance if buying pressure doesn’t increase significantly.
XRP's Weighted Sentiment has decreased from 0.07 to 0.02, aligning with pessimistic views. Despite this decline, excessively negative sentiment can sometimes indicate a potential bullish reversal.
XRP faces resistance at the $0.55 level, coinciding with the 50% Fibonacci retracement. Combined with reduced trading volume, the likelihood of upward movement is limited unless buying pressure increases, risking a fall to $0.48.
Bulls must defend support at $0.52 to prevent further decline, which could see the price climb to $0.61 if successful.
