The price of XRP has continued to fall, reaching the potential support at around $0.5080. Currently, it appears to be stabilizing, potentially preparing for an upward move towards the resistance at approximately $0.580.
- XRP price declined further below the $0.5250 zone.
The price is now trading below $0.5450 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 struggle to recover above the $0.5650 and $0.5800 resistance levels.
XRP Price Extends Losses
As a crypto investor, I’ve noticed that the value of XRP has continued to dip, falling below the $0.580 mark and performing less favorably compared to both Bitcoin and Ethereum. The situation worsened significantly as the price dropped even more, plunging below the critical support level at $0.5450.
Currently, the price has formed a dip at $0.5070 and is holding steady, indicating consolidation of losses. Although there was a slight uptick above $0.5150, it didn’t last long. The current price remains significantly lower than the 23.6% Fibonacci retracement level from the upward trend between the $0.6640 peak and the $0.5070 trough.
Currently, the price is hovering above $0.5450 and above its 100-hour Simple Moving Average. As it moves upward, potential obstacles could arise around $0.5440. The initial significant resistance lies at approximately $0.5550.
As a crypto investor, I’m closely watching the potential resistance for XRP/USD at approximately $0.5800. There seems to be a significant bearish trend line emerging around $0.5850 on the hourly chart. This trend line aligns quite closely with the 50% Fibonacci retracement level from the upward swing between $0.6640 and $0.5070. If this trend continues, it could potentially impact my investment strategy.
If the price manages to break through the $0.5850 barrier, it could potentially rise towards the $0.600 resistance level. Should it continue to gain momentum, it might aim for the $0.6120 or even the $0.6250 resistance levels in the short term.
Another Decline?
Should XRP not manage to surpass the $0.5440 barrier, it might initiate another drop. A potential floor in this scenario could be around $0.5150. If the price continues to fall, a significant support level lies at approximately $0.5080.
Should a sudden drop occur and the price falls beneath the $0.5080 mark, it could potentially lead to further decreases, possibly reaching the $0.4920 level as short-term support. A significant support lies around the $0.4850 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 – $0.5150 and $0.5080.
Major Resistance Levels – $0.5440 and $0.5850.
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2024-10-04 07:16