XRP Price Under Pressure From Profit Booking, Could Fall to $0.48 if It Closes Below $0.54

XRP price could fall to the $0.48 level if it closes a daily candle below the $0.54 level. XRP's Relative Strength Index (RSI) is below 50, indicating a potential price reversal.

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On August 29, 2024, as the cryptocurrency market experiences a downturn, Ripple [XRP] traders booked a substantial profit of over $8.25 million, according to data from the on-chain analytic firm Santiment.

As reported by Santiment, XRP traders booked a total profit of $8,257,133 within 24 hours. This significant profit booking usually indicates a massive price drop or increased selling pressure.

At the time of writing, XRP was trading at the $0.56 level, showcasing a price decrease of 1.5% over the past 24 hours and a trading volume decrease of 43%.

The current price drop in XRP can be attributed to the overall market sentiment and the recent sharp decline in Bitcoin (BTC) price from $61,000 to $59,000 level.

On the other hand, the exchange reserve has been continuously declining over the past months, according to the on-chain analytic firm CryptoQuant.

As the XRP reserve continues to fall, it indicates potential accumulation by whales and institutions, suggesting a bullish sign.

These on-chain data reveal a mixed sentiment for XRP, leaving uncertainty about whether its price will surge or decline.

XRP’s Key Levels to Watch

According to expert technical analysis, XRP is currently gaining strong support from the 200 Exponential Moving Average (EMA) on a daily time frame and the horizontal level of $0.546.

However, its Relative Strength Index (RSI) is below 50, indicating a potential price reversal.

Based on the price action, since July 2024, XRP has visited this level multiple times, and each time it has experienced a price reversal. However, this time we might see an upside momentum of over 14% to the $0.63 level.

If the sentiment remains bearish and the XRP price fails to hold the $0.546 level and closes a daily candle below the $0.54 level, we could see a price drop to the $0.48 level.

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