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XRP’s plunge hit $0.4500 support – Here are key levels to consider

2min Read

Ripple [XRP] has dropped to a key support level of $0.4500. But the ongoing selling wave could place bulls at a disadvantage.

XRP's plunge hit $0.4500 support - Here are key levels to consider

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • XRP was bearish on the daily chart at press time.
  • Mean coin age rose; active addresses and funding rates dipped.

Ripple [XRP] surged beyond half-dollar value at the end of March but shed over 20% following intensified selling wave. On 21 April, sellers breached the 50-EMA ($0.4661) but faced resistance at the $0.4500 support level. 

The support also aligns with the 50% Fib pullback level and could stall sellers, especially if Bitcoin [BTC] doesn’t fall below the $27k price range. 


Read Ripple [XRP] Price Prediction 2023-24


Will the $0.4500 support hold?

Source: XRP/USDT on TradingView

Technical indicators on the daily chart leaned towards sellers, but price action showed indecision between buyers and sellers. Notably, the 200-MA (blue line) and 50-EMA (orange line) were flat, meaning long and short trends were in agreement with a lack of clear price direction. 

In addition, the ADX (Average Directional Index) retreated – suggesting a likely consolidation or extended downtrend, while RSI was below the neutral level, showing sellers had the upper hand. 

As such, XRP could trade sideways between 50% ($0.4430) and 61.8% ($0.4765) for a while before sliding to the $0.3586 – $0.4500 range.

Note that the 38.2% Fib level also aligns with the 200-MA and could offer resistance to an extended drop. A close below the hurdle would attract more aggressive selling. 

Alternatively, XRP could close above the 61.8% Fib level of $0.4765 if $0.4500 support is secured. Such a move could make the pair retest the half-dollar value again at $0.5082 or 78.6% Fib level ($0.5242). 

Daily active addresses and funding rates declined

Source: Santiment


Is your portfolio green? Check XRP Profit Calculator 


XRP’s active addresses surged to over one million during mid-April. However, the number has since dropped to below 400K at press time, more than a 50% drop in active addresses, impacting trading volumes and providing more leverage to sellers. 

In addition, the funding rates turned negative at the time of writing – a dip in demand for XRP in the derivatives market and a bearish sentiment. 

But the 90-day mean coin age rose, highlighting increased accumulation in the past few days – evidence of a likely rally that could offer slight hope to bulls. Investors should track BTC price action and new developments on the SEC lawsuit before making moves. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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