As a seasoned crypto investor with years of experience under my belt, I have seen market fluctuations like this countless times. The current decline in XRP price is not unexpected, and it’s important to remain calm and strategic during such periods.
The price of XRP has resumed its downward trend, originating from around $0.5980. This trend shows signs of strengthening, potentially pushing the value below the $0.5500 support level.
- XRP price failed to clear the $0.60 resistance zone and trimmed gains.
The price is now trading below $0.5720 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could decline heavily if there is a close below the $0.550 pivot level.
XRP Price Trims Gains
The price of XRP surpassed the $0.55 barrier, similar to Bitcoin and Ethereum, but was unable to break through the $0.60 resistance point. It peaked at $0.5989 before starting a correction in its upward trend.
Below the $0.5750 mark, a downward shift occurred. Additionally, there was a drop below a significant bullish trend line that offered support at $0.5850 on the hourly chart of XRP/USD pair. The pair touched the 50% Fibonacci retracement level stemming from the price fall from $0.5234 to $0.5989 peak.
Currently, the price is dipping below the $0.5680 mark and the 100-hour moving average. Potentially, it may encounter resistance as it moves upward around the $0.5720 level and the same 100-hour moving average.
Initially, a significant barrier lies around $0.580. Following this, the key hurdle could be at $0.5850. Overpowering the $0.5850 obstacle might propel the price towards the next resistance at approximately $0.5980. Further up, a significant barrier is around $0.600. Any further advancements may take the price towards the resistance at $0.6120 or potentially even to $0.620 in the short term.
More Downsides?
If XRP doesn’t manage to surpass the resistance at around $0.5720, it might keep dropping. A potential floor for this drop could be around $0.5550. The next significant support level would be either $0.5420, which is approximately 76.4% of the upward move from the $0.5234 low to the $0.5989 high, or the Fibonacci retracement level itself.
If the price falls significantly past $0.5420 and drops below it, there’s a possibility that it could head lower towards the short-term support of $0.530. The following significant support level can be found at $0.5250.
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 – $0.5550 and $0.5420.
Major Resistance Levels – $0.5720 and $0.5850.
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2024-09-16 07:34