XRP Price Temporary Bounce: Recovery Might Not Last

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As an experienced analyst, I’ve been closely monitoring the XRP market and its recent price action. Based on my observation, it appears that XRP has extended its losses and dipped below the $0.50 zone, testing the $0.470 support level. Currently, the digital asset is attempting a short-term recovery wave.

I’ve observed that XRP‘s price has continued to slip, dropping below the $0.50 mark. It dipped as low as the $0.4700 level before attempting a brief rebound.

    XRP is slowly moving higher from the $0.470 support.
    The price is now trading below $0.4850 and the 100-hourly Simple Moving Average.
    There was a break above a connecting bearish trend line with resistance at $0.480 on the hourly chart of the XRP/USD pair (data source from Kraken).
    The pair could recover, but the bears might be active near the $0.4880 resistance.

XRP Price Finds Support

As a crypto investor, I’ve observed that XRP‘s price failed to rebound above the $0.4880 resistance level, similar to Ethereum and Bitcoin. Instead, the price plunged further, dropping below the $0.480 mark. It even dipped as low as the $0.470 zone. A new low was established at $0.4701. Currently, XRP is looking for a brief upward correction.

As a researcher studying financial market trends, I’ve observed an upward shift in prices surpassing the $0.4750 threshold. Notably, this advancement transcended the 23.6% Fibonacci retracement level – a significant resistance point derived from the downward swing between the $0.5053 peak and $0.4701 trough.

Additionally, the XRP/USD pair surpassed a bearish trend line with a resistance level at $0.480 on the hourly chart. Nevertheless, it remains below $0.4850 and the 100-hour SMA.

The price is encountering resistance around the $0.4850 mark. The initial hurdle for the price increase is located at $0.4880, which is equivalent to the 50% Fibonacci retracement level following the price drop from $0.5053 peak to $0.4701 trough. Further up, there’s a significant resistance point around $0.4920.

As a crypto investor, if the price manages to break above the $0.4920 resistance mark, it could potentially propel me towards higher gains. The upcoming significant resistance lies around $0.50. Overcoming this hurdle may lead to a steady uptrend, pushing the price further up towards the $0.5050 resistance level. Any additional progress might then carry me even closer to the $0.5250 resistance.

More Losses?

As a market analyst, I would interpret the situation as follows: If XRP is unable to surmount the resistance at $0.4850, there’s a strong possibility it may continue trending downward. A noteworthy support lies in the vicinity of $0.4750.

If the price falls further and breaks the $0.470 mark, it may lead to a more rapid decrease in price. In such a scenario, the price could potentially drop down to revisit the $0.4550 level of support in the immediate future.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.4750 and $0.4700.

Major Resistance Levels – $0.4850 and $0.4920.

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2024-06-12 12:46