Initially, the value of XRP dipped, sliding beneath the $0.650 mark. Currently, it’s hovering around the $0.6120 support, potentially preparing to surge again.
- XRP price started a pullback from the $0.6650 resistance zone.
The price is now trading below $0.6450 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.6350 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.6320 and $0.6350 resistance levels.
XRP Price Eyes Fresh Increase
The cost of XRP surpassed the $0.620 barrier, climbing higher than both Bitcoin and Ethereum. It even broke through the $0.650 level before encountering resistance. A peak was reached at $0.6642, after which the price began to decrease.
Initially, the price dipped beneath both $0.6450 and $0.6350 thresholds, touching the $0.6100 area before a low of $0.6091 was established. Currently, the price is regrouping after incurring losses. However, there was a brief uptick that pushed the price slightly above the $0.6200 mark.
The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6642 swing high to the $0.6091 low. The price is now trading above $0.6150 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.6320 level.
On the hourly chart for XRP/USD, a bearish trend line is developing, which seems likely to meet resistance at approximately $0.6350. This level is near the 50% retracement point of the price drop from the peak of $0.6642 to the trough of $0.6091.
Initially, a significant barrier lies around the $0.6420 mark. Following this, the $0.6500 level could serve as another critical hurdle. If the price manages to surpass the $0.6500 barrier, it may potentially reach the $0.6640 resistance. Further growth might push the price towards the short-term resistance at $0.680 or even $0.700.
More Losses?
If XRP doesn’t manage to break through the $0.6350 barrier, it may potentially keep falling. A potential floor for this decline could be around $0.6150. If it continues to drop, a significant support level might be at $0.6080.
Should a drop occur and the price falls below $0.6080, it could potentially trend lower towards the nearby $0.600 support level in the short term. A significant support lies at $0.580 if further decline occurs.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.6150 and $0.6080.
Major Resistance Levels – $0.6320 and $0.6350.
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2024-10-01 07:16