As a researcher with experience in cryptocurrency analysis, I’ve been closely monitoring the XRP market and its price action. Based on my observations, it appears that XRP has started a fresh decline below the $0.50 resistance zone. This decline could continue if the price closes below the $0.4865 support level.
XRP’s price has resumed its downward trend after hitting a roadblock at the $0.5050 mark. If the price breaks below the $0.4865 support level, it may continue sliding.
- XRP extended losses and traded below the $0.500 support.
The price is now trading below $0.4950 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could slide further toward the $0.4550 support in the near term.
XRP Price Dives Below $0.50
More recently, XRP‘s price made an effort to rebound above the $0.5050 mark. Yet, sellers took control, leading to a downward trend that saw XRP dip beneath the $0.500 support level, similar to Ethereum and Bitcoin‘s price movements.
The price dipped below both the $0.4920 and $0.4880 support levels, reaching a low at $0.4867. Currently, the market is regrouping, hovering around the 23.6% Fibonacci retracement mark of the downtrend from the $0.5085 peak to the $0.4867 trough.
The current price of XRP/USD is now hovering around $0.4950, which is below both the 100-hour moving average and the immediate resistance level at $0.4980. A significant bearish trend line is also emerging on the hourly chart, with this resistance level acting as its peak. This resistance level is also close to the 50% Fibonacci retracement mark of the recent downward price movement from $0.5085 to $0.4867.
The initial significant resistance lies around $0.500. Breaking above this resistance level at $0.500 could lead to a robust surge. The subsequent major resistance is found close to $0.5085, alongside the 100-hour Simple Moving Average. Should buyers sustain their efforts above the $0.5085 resistance mark, there’s potential for an uptrend reaching $0.5250. Further advances could potentially push the price towards the $0.550 resistance level.
More Losses?
Should XRP fall short of surmounting the $0.50 resistance mark, there’s a possibility of another price drop. A floor in this downtrend can be found around the $0.4865 price point.
If we reach the next significant resistance at $0.4780 in the future, and if the price falls below this level and closes there, it may lead to a faster decline. In such a scenario, the price might revisit the $0.450 support region.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.4865 and $0.4780.
Major Resistance Levels – $0.500 and $0.5085.
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2024-05-13 09:22