As a seasoned analyst with years of experience navigating the volatile crypto market, I have seen my fair share of ups and downs. Looking at XRP‘s current situation, it appears that we are witnessing yet another dip below the $0.5880 support level. This is reminiscent of a rollercoaster ride, where just as you think you’ve reached the peak, the car takes a sharp drop downwards.
The value of XRP struggled to break through the $0.6050 barrier and subsequently dropped. Currently, it’s hovering around the $0.5765 support level, potentially preparing for a period of stability.
- XRP price is still struggling to clear the $0.600 resistance zone.
The price is now trading below $0.590 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.5850 and $0.5880 resistance levels.
XRP Price Dips Again
As an analyst, I’ve observed that the upward momentum of XRP has been sluggish, failing to break through the $0.600 resistance level. Subsequently, a corrective phase ensued, causing the price to dip below the $0.5880 support level, mirroring similar trends in both Bitcoin and Ethereum.
Initially, the price dipped below $0.580 and touched $0.5750. A minimal low was established at $0.5744, and now the price is trying to initiate an upward trend. After that, we saw a surge above both $0.5780 and $0.580 thresholds. Furthermore, the price surpassed the 23.6% Fibonacci retracement level of the downward journey from the peak at $0.5953 to the trough at $0.5744.
Currently, the price for this asset is dipping below $0.590 and under the 100-hour moving average. As we look ahead, there could be a potential obstacle for the price to rise at around $0.5850. Additionally, a significant bearish trendline is developing with resistance at the same level on the hourly XRP/USD chart.
The initial significant obstacle lies around the $0.5880 mark, which is also the 61.8% Fibonacci retracement level from the price drop ranging between the peak of $0.5953 to the trough of $0.5744. Following this, a potential resistance could emerge at $0.5920. If the price manages to surpass $0.5920, it may head towards the next resistance at $0.5950. Further gains might push the price up to the $0.600 resistance level or potentially as high as $0.6050 in the short term.
More Losses?
As a researcher, if XRP struggles to surpass the $0.5850 resistance barrier, it may trigger another downtrend. In such a scenario, potential support can be found around the $0.5765 mark initially. A more significant support level lies at approximately $0.5750.
As an analyst, if the price were to dip and close below the $0.5750 mark, I anticipate a potential further decrease, possibly aiming for the short-term support level at $0.5640. The next significant support lies around $0.5500.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5765 and $0.5750.
Major Resistance Levels – $0.5850 and $0.5880.
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2024-09-26 07:34