As a seasoned analyst with years of experience in the cryptocurrency market, I must say that the current state of XRP is quite intriguing. The price is still trapped within a range, showing no signs of significant breakout yet. However, the technical indicators suggest that there could be more downsides below $0.520, a level that has proven to provide support in the past.
Currently, XRP‘s price remains within a lower boundary near $0.550. It seems to be trending downward, with potential for further decreases below the $0.520 mark.
- XRP price is still stuck in a range above the $0.5080 support.
The price is now trading below $0.5300 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.5285 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5300 and $0.5320 resistance levels.
XRP Price Dips Further
The cost of XRP didn’t manage to launch an upward trend beyond the $0.5350 barrier. Instead, it initiated another drop and fell below the $0.5250 support point.
Despite significant losses incurred by Bitcoin and Ethereum, the decline here was relatively contained. The lowest point reached was at $0.5210, and since then, prices have stabilized as they recover from their losses. There was a slight upward trend within a specific range, allowing the price to surpass the resistance level of $0.5250.
The cost has surpassed the 23.6% Fibonacci retracement point in the downward trend that started at the peak of $0.5354 and ended at the low of $0.5210. At present, it is being traded below $0.5320 and is also beneath the 100-hour moving average.
If prices continue to rise, they could encounter resistance around the $0.5300 mark. Additionally, a bearish trend line is emerging on the hourly chart for the XRP/USD pair, with resistance at approximately $0.5285. This level is near the 50% Fibonacci retracement point of the downward movement from the peak at $0.5354 to the trough at $0.5210.
Initially, a significant obstacle is found around the $0.5350 mark. Following this, another crucial barrier may appear at $0.5450. If the price surpasses $0.5450, it could push further to encounter resistance at $0.5500. Any additional growth might propel the price towards the $0.5650 or possibly even $0.580 levels in the short term. The main challenge afterward could be at $0.600.
More Losses?
If XRP doesn’t manage to break through the $0.5350 barrier, there’s a possibility it might initiate another drop. A potential floor for this decline could be around $0.5220. Should that support fail, the next significant support level is approximately $0.520.
Should the price experience a drop and fall beneath the $0.520 mark, it could potentially slide further towards the short-term support at $0.5150. The next significant support level can be found around the $0.5080 area.
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 – $0.5220 and $0.5200.
Major Resistance Levels – $0.5350 and $0.5450.
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2024-10-10 07:16