XRP’s Recovery Lacks the Momentum of BTC’s in the Last 24H

• Ripple’s (XRP) price has slightly recovered in the last 24 hours.
• XRP’s value may challenge the immediate support level of $0.4715.
• Technical indicators suggest a potential XRP price decline within 24-48 hours.

Bill Morgan, a cryptocurrency aficionado, announced via Twitter today that Ripple’s price has slightly recovered in the last 24 hours. He also observed that Bitcoin and other altcoins followed a similar pattern during this period. However, he pointed out that the rebound in altcoins was less robust and more rapid than the market leader.

As of the time of reporting, CoinMarketCap data showed a 0.08% increase in the price of BTC. The cryptocurrency was trading at $25,803.23 at the same time. Conversely, XRP experienced a decrease of 1.77%.

Technically speaking, XRP’s value has been tracing an upward trajectory on its daily graph over the past fortnight. As a result, a break in this trend line could indicate the termination of XRP’s brief bullish phase. XRP’s value may challenge the immediate support level of $0.4715 in the forthcoming days.

If the possible sell-off continues, XRP’s value could fall to a crucial support level of $0.4235 in the week ahead. On the other hand, if XRP’s price can successfully close a daily candle above the 9-day EMA line, currently around $0.4940, within the forthcoming 48 hours, it could counteract the negative forecast.

Under these circumstances, XRP’s value could potentially convert the resistance level of $0.5380 into a support level. Moreover, sustained purchasing support might push the price of this remittance token to reach up to $0.5890 in the subsequent week.

Those involved in trading and investing should note that recent trends favored a bearish outlook when contemplating a long position in XRP. To begin with, the 9-day EMA line was situated bearish beneath the 20-day EMA line.

Furthermore, a significant bearish technical indicator was observed on XRP’s daily chart when the daily RSI line fell below the RSI SMA line during the past 48 hours of trading. These technical indicators suggest a potential XRP price decline within 24-48 hours.