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Is This XRP Support Level Unbreakable? Here's How Price Is Moving

Mon, 09/11/2023 - 01:00
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Arman Shirinyan
XRP successfully holds through rising selling pressure thanks to fundamental support level
Is This XRP Support Level Unbreakable? Here's How Price Is Moving
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XRP, the digital asset that is often the talk of the crypto town, has been showcasing an intriguing pattern lately. The price has been meandering sideways, almost as if it is contemplating its next big move. As of the latest data, XRP is hovering around $0.499994, a level that has become more than just a number — it is a fortress of psychological and fundamental strength.

For nearly 25 days, XRP has clung to this price level like a lifebuoy in choppy waters. It's as if the $0.5 mark has become an unyielding support level, refusing to let the asset dip any lower. This is not just a random number; it is a robust resistance level that has held its ground both fundamentally and psychologically.

XRP chart
Source: TradingView

So, what's the deal with this seemingly unbreakable support? Well, it is not just about the numbers; it is about market sentiment. When a price level holds this steadfastly, it often indicates a collective agreement among traders that the asset is worth at least this much. It's like an unspoken pact, a line in the sand that traders are unwilling to cross.

But let's not get carried away by the poetic allure of market psychology. The numbers do speak volumes. Over the past few weeks, despite various market upheavals and news cycles, XRP has remained stable.

Shiba Inu whales are awake

The big fish — crypto whales — are making waves, but not the kind you would expect. They are accumulating SHIB, and they are doing it quietly.

According to recent data, the price of SHIB is hovering around $0.00000743 as of Sept. 10, 2023. What's captivating is that despite this relatively stable price, whale activity is surging. Now, in the crypto universe, when whales start accumulating, it often signals something big on the horizon.

Shiba Inu (SHIB) Growth Might Accelerate After This 5.5 Trillion Resistance Is Broken

So, what's the deal? Well, high whale activity combined with low price volatility usually spells one thing: accumulation. Whales are not dumping; they are stockpiling. And when whales hoard, you'd best pay attention. They often have the inside track on market movements, and their actions can serve as a precursor to significant price changes.

But let's not get carried away by the undercurrents. While the uptick in whale activity is promising, it is crucial to remember that the crypto market is a fickle beast. External factors, market sentiment and even a tweet can turn the tide. However, the current stability around the $0.00000743 mark does offer a form of psychological assurance. It's like a tacit nod from the market, saying, "Hey, this level isn't half bad."

Solana needs more help

Solana's once-stellar reputation is taking a hit, and the numbers don't lie. The digital asset has shed over 7% of its value in just a few hours, a nosedive that is hard to ignore. As of the latest data, Solana is trading at approximately $18.49, a far cry from its previous highs.

But it's not just the price that is worrisome. The trading volume has been on a steady decline, signaling a lack of interest or, worse, a loss of faith among investors. When you pair this with a decreasing RSI (Relative Strength Index), the picture starts to look grim. The RSI is a momentum oscillator that measures the speed and change of price movements. A declining RSI often indicates that an asset is losing its bullish momentum, and Solana seems to be a textbook case.

So, what is causing this erosion of support? It is hard to pinpoint a single reason. Market dynamics are complex, influenced by a myriad of factors from investor sentiment to macroeconomic indicators. However, one thing is clear: Solana needs to regain its footing, and fast.

The market's waning enthusiasm for Solana could be a sign of things to come. If the asset does not find a way to reverse these trends, it could be in for a rough ride. Investors should keep a close eye on these indicators; they could be early warning signs of a more significant downturn.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.