As a researcher with experience in cryptocurrency markets, I’ve been closely monitoring the XRP price action. Based on my analysis of the current chart patterns and trends, it appears that XRP is facing significant resistance at the $0.450 level and has since consolidated below this point. The price is now trading below the $0.4250 support zone and the 100-hourly Simple Moving Average.
The price of XRP is having a tough time holding above the $0.4250 mark, which is acting as support. It’s currently in a period of consolidation and may find it challenging to surpass the $0.450 resistance level.
- XRP price struggled to recover above $0.450 and started another decline.
The price is now trading below $0.4250 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.420 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might recover, but the upsides might be limited above $0.4350 and $0.450.
XRP Price Moves In The Red Zone
The price of XRP faced challenges in surpassing the $0.450 mark and instead slipped back into a downward trend, similar to Bitcoin and Ethereum. With renewed selling pressure, the bears managed to drive the price below the $0.4320 support level.
The duo dipped significantly below the $0.4250 mark, which functions as their key support. A decline was also observed beneath the 50% Fibonacci retracement threshold of the price surge from the $0.3826 swing low to the $0.4498 peak. Currently, the bulls are making efforts to safeguard the $0.4050 support area.
Currently, the price is beneath the $0.4250 mark and also below the 100-hour Simple Moving Average. As for the resistance levels, there’s a notable one near $0.4160. The first significant resistance lies around $0.420.
On the hourly XRP/USD chart, a bearish trend line is developing with the resistance set at $0.420. The subsequent significant resistance lies at $0.4220. A break above this level could potentially push the price towards the next resistance at $0.4380. Further advancements might lead to the $0.450 resistance, and any additional gains may take the price up to the $0.4650 resistance.
More Losses?
If XRP is unable to surpass the $0.420 resistance point, there’s a possibility for another price drop. The initial support for XRP can be found either at the $0.4050 mark or the 61.8% Fibonacci retracement level derived from the price swing between $0.3826 and $0.4498.
As an analyst, I would interpret the next significant support level as being at $0.40. Should the price breach this level with a closing trade below it, the downward trend may persist and potentially lead us to test the nearby support at $0.3750 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 – $0.4050 and $0.400.
Major Resistance Levels – $0.420 and $0.4380.
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2024-07-08 12:51