As a seasoned crypto investor with several years of experience under my belt, I’ve seen the ups and downs of XRP price action more times than I can count. And right now, it looks like we’re in for another dip.
As a crypto investor, I’ve noticed that XRP‘s price has been having a hard time breaking through the $0.500 resistance level. Lately, the price trend seems to be pointing downward, exhibiting bearish signals that could potentially lead us below the $0.4850 support level.
- XRP price faced another rejection near the $0.50 resistance zone.
The price is now trading below $0.4950 and the 100-hourly Simple Moving Average.
There was a break below a short-term rising channel with support at $0.4920 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could extend losses if there is a close below the $0.4850 support zone.
XRP Price Dips Again
The price of XRP made a new effort to rise above the $0.4950 barrier, reaching as high as $0.50 before experiencing minimal bullish pressure. The peak reached $0.5019, but subsequently, the value of XRP began to drop once more, mirroring Bitcoin‘s trend.
In simpler terms, the XRP/USD pair dipped beneath the support levels of $0.4980 and $0.4950. A significant breakdown occurred below a short-term uptrend line with a support at $0.4920 on the hourly chart. Additionally, the pair fell below the 50% Fibonacci retracement mark of the recent upward price action from its low at $0.4765 to the high at $0.5019.
As an analyst, I observe that the price currently hovers below the $0.4950 mark and the 100-hour Simple Moving Average. The bulls have shown signs of activity around the $0.4850 support level and the 61.8% Fibonacci retracement level of the rally, which extended from a swing low at $0.4765 to a high at $0.5019.
As an analyst, I would interpret the current price trend as experiencing a new rise. However, potential obstacles could emerge around the $0.4950 mark. The first significant resistance levels are situated at $0.50 and $0.5020. Overcoming the resistance at $0.5020 might propel the price further up to the $0.5150 resistance.
The price may encounter significant opposition around the $0.5250 mark in its upcoming advance. Surmounting this barrier could lead to further upward momentum. Alternatively, a break above $0.5320 could pave the way for more substantial increases, potentially pushing the price towards $0.550.
More Losses?
As a researcher studying the price movements of XRP, I would observe that if XRP is unable to surpass the resistance at $0.50, there’s a strong possibility it may continue to slide. The initial support for XRP can be found around the $0.4850 mark.
As an analyst, I would interpret the next significant support level as being at $0.4765. Should the price breach this level and close below it, the bearish trend may gain momentum, potentially causing the price to dip further and trade below the previous low of $0.4540 in the short term.
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 – $0.4850 and $0.4765.
Major Resistance Levels – $0.5020 and $0.5150.
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2024-06-21 07:34