XRP is facing significant resistance, unable to surpass the critical $0.55 mark. The cryptocurrency has also dropped below the essential support level of $0.52, casting doubt on a straightforward recovery.
Momentum indicates potential difficulties for XRP's resurgence, questioning its ability to reach $0.60.
The prevailing sentiment is soured by high liquidations dominated by long contract holders. This reflects uncertainty and a decrease in investor positions expecting a price rise.
The liquidation trend is adding pressure on XRP and showcases waning optimism among bulls.
This sentiment shift is evident in technical indicators. The RSI currently sits below the neutral line of 50.0, indicating a lack of bullish drive.
Though XRP has rallied multiple times in October, it has failed to significantly raise the RSI, suggesting a struggle for sustained upward momentum and fading enthusiasm among investors.
XRP has shown minimal recovery, recently touching $0.52, but barely maintains through the 38.2% Fibonacci Retracement level.
Securing $0.52 as a robust support is crucial for continuing its upward movement.
If XRP holds steady above $0.52, it could reach $0.55; however, without strong bullish momentum, breaching this is challenging. Historical patterns suggest consolidation below this level is more likely.
To counter the bearish trend, XRP needs to break the 50% Retracement level at $0.55 and aim for $0.59, potentially achieving $0.60, signaling potential recovery amidst recent obstacles.
