As a researcher with years of experience in the crypto market, I have seen my fair share of price fluctuations and trends. Today, I find myself analyzing the XRP price, which has been on a downtrend and is now testing the $0.5785 support level.
The price of XRP has continued to fall, reaching a potential support at approximately $0.5785. Currently, it’s trying to rise again, but it’s encountering resistance around $0.620.
- XRP price declined further below the $0.6120 zone.
The price is now trading below $0.6250 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.6220 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.6220 and $0.6250 resistance levels.
XRP Price Eyes Fresh Increase
As a crypto investor, I’ve observed that the value of XRP continued to fall, dipping below the $0.6320 mark, similar to the descent seen in both Bitcoin and Ethereum. Remarkably, it even slipped below the previously robust $0.6000 support level.
At $0.5782, a trough was created and currently, the price is holding steady after experiencing some losses. There was a brief spike above $0.6000, but it wasn’t significant. The price has risen slightly beyond the 23.6% Fibonacci retracement level from the high at $0.6640 to the low at $0.5782.
As an analyst, I find myself observing that the current trading price of XRP has surpassed the $0.6250 mark and is also above the 100-hour Simple Moving Average. However, as we look towards potential resistance levels, a significant hurdle might present itself around $0.6220. Additionally, I’ve noticed a substantial bearish trend line forming on the hourly chart of XRP/USD pair, with the resistance level being at $0.6220 as well.
Approaching the 50% Fibonacci retracement point in the decline from the peak at $0.6640 to the trough at $0.5782. The initial significant resistance lies around the $0.6250 mark.
The potential level for the next major hurdle could be around $0.6320. If the price successfully breaks through this barrier, it may continue to climb towards the resistance at $0.6500. Further increases might take it towards the $0.6640 resistance or potentially even as high as $0.6800 in the coming days.
More Losses?
If XRP doesn’t manage to break through the $0.6250 barrier, it might keep heading lower. Its first significant support lies around the $0.600 mark, and the next substantial support can be found at approximately $0.5920.
Should a drop occur and the price falls beneath the $0.5920 mark, it could potentially trend lower towards the $0.5780 area as immediate support. A more significant support can be found around the $0.5650 region in the near future.
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 – $0.5920 and $0.5780.
Major Resistance Levels – $0.6220 and $0.6250.
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2024-10-02 07:16