As an experienced financial analyst, I’ve been closely monitoring the XRP market and its price action. Based on the current trend, it appears that XRP is facing significant resistance near the $0.4880 level, and the bears are actively pushing the price lower. The technical indicators suggest that the hourly MACD for XRP/USD is in the bearish zone, while the RSI is below the 50 level, indicating a weak buying pressure.
As a crypto investor, I’ve noticed that XRP‘s price has had a tough time breaking through the resistance at $0.4880. The market seems to be shifting in a downward direction, and it’s looking increasingly likely that the bears will push for further declines towards $0.4550.
- XRP price faced another rejection near the $0.4880 resistance zone.
The price is now trading below $0.4850 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.4810 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 $0.4720 support zone.
XRP Price Extends Losses
As an analyst, I observed XRP‘s price making an effort to rebound above the $0.4820 resistance level. However, bears were present and active just above the $0.4880 resistance zone. A peak was reached at $0.4884 before the price took a downturn once more, mirroring the trends seen in Bitcoin and Ethereum.
Below the $0.4850 and $0.4800 marks, there was a significant drop in price. The support at $0.4720 was put to the test, resulting in a low of $0.4722 being reached. Currently, the price is stabilizing after this decline, but it remains below both the $0.4850 mark and the 100-hour Simple Moving Average.
Should a new price rise occur, potential obstacles may emerge around the $0.4765 mark or the 23.6% Fibonacci retracement level in the decline from the peak of $0.4884 to the trough of $0.4722.
The first major resistance is near the $0.4810 and $0.4820 levels. There is also a connecting bearish trend line forming with resistance at $0.4810 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $0.4884 swing high to the $0.4722 low.
Moving past the $0.4820 barrier with clarity could propel the price towards the $0.4880 resistance level. The next noteworthy resistance lies around the $0.50 mark. Breaking above this resistance zone could potentially push the price upward, with the next significant resistance at approximately $0.5120. Further advancements might lead the price to the $0.5250 resistance.
More Losses?
As a crypto investor, I would express it this way: If XRP cannot break past the $0.4820 resistance, there’s a good chance it may slide further. The initial floor for XRP lies around the $0.4720 mark.
Should the price fail to hold above $0.4650 in the upcoming period and instead fall with a closing price below this mark, a significant drop may ensue. In such an event, the price could potentially slide beneath the $0.450 support level in the near future.
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 – $0.4720 and $0.4650.
Major Resistance Levels – $0.4820 and $0.4880.
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2024-06-24 11:56