As a researcher with experience in the cryptocurrency market, I have closely monitored the recent price movements of XRP. The sharp decline below the $0.4240 support and the spike below the crucial $0.400 level is a significant development that warrants attention.
As a crypto investor, I’ve witnessed the XRP price plummeting and dipping beneath the crucial support level of $0.400. Currently, the price action is displaying signs of consolidation as it attempts to bounce back. However, overcoming the resistance at $0.4150 could prove to be a challenging hurdle for the XRP price recovery.
- XRP price gained bearish momentum below the $0.4240 support zone.
The price is now trading below $0.4250 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.4150 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might recover, but the upsides might be limited above $0.4050 and $0.4150.
XRP Price Takes Hit
The price of XRP encountered difficulty surmounting the $0.4550 barrier and subsequently dipped anew, similar to Bitcoin and Ethereum‘s trends. Bearish forces seized the opportunity and drove the value below the $0.4240 support level.
The pair fell significantly below the $0.4150 support mark, and later plummeted even further beneath the $0.400 support level. A new low was established at $0.3826. Currently, the price is rebounding from its losses. There has been a surge in price above the resistance of $0.3920.
The price has surpassed the 23.6% Fibonacci resistance level, which is derived from the recent drop in value from the peak of $0.4467 to the low of $0.3862. Currently, it hovers below $0.4250 and falls short of the 100-hour Simple Moving Average.
Positively, the price is encountering resistance around $0.4050. The initial significant resistance lies at $0.4150, which aligns with the 50% Fibonacci retracement mark following the fall from $0.4467 peak to $0.3862 trough. Moreover, an ominous downtrend line emerges on the hourly XRP/USD chart, offering resistance at $0.4150.
Moving forward, a significant barrier to further advancement lies at $0.4220. Overcoming this hurdle could potentially push the price towards the next resistance level at $0.4380. The major resistance, however, is situated around the $0.4450 mark. Further progression beyond this point might lead the price towards the $0.4650 resistance.
More Losses?
If XRP is unable to surpass the $0.4150 resistance point, there’s a risk of another price drop. The lowest support for XRP can be found around $0.390.
As a crypto investor, I closely monitor the market prices and identify key support levels. The next significant support for me lies at $0.3850. In case the price falls below this level and closes with a bearish candlestick, I would expect further declines towards the near-term support of $0.3620.
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 – $0.390 and $0.3850.
Major Resistance Levels – $0.4050 and $0.4150.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-07-05 07:17