As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen trends come and go, bull runs turn to bear markets, and everything in between. Looking at XRP, it seems we are witnessing yet another correction, not unlike what Bitcoin and Ethereum are experiencing.
The cost of XRP is trying to rebound from around $0.5120. To make progress, it needs to surpass the resistance at $0.5400 and $0.5500 first.
- XRP price is correcting losses from the $0.5120 zone.
- The price is now trading below $0.5380 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5360 resistance zone.
XRP Price Faces Many Hurdles
The value of XRP continued to trend downward, similar to Bitcoin and Ethereum, and fell even further below the $0.53 mark. It dipped past the support levels at $0.5280 and $0.5250.
Initially, the price fell below $0.5200 and reached as low as $0.5120. The lowest point was at $0.5117. Now, the price is trying to regain its losses. Moreover, there has been a surge above the 23.6% Fibonacci retracement level of the downward trend from the peak of $0.5600 to the trough of $0.5120.
On the hourly chart for the XRP/USD pair, a break occurred above a short-term bearish trend line with a resistance level at approximately $0.5280. Currently, the price is hovering below $0.5380 and is also lower than the 100-hour Simple Moving Average.
From a positive perspective, the price may encounter obstacles when approaching approximately $0.5360. This level represents both the halfway point of the recent downward trend from $0.5600 peak to $0.5120 low and a potential resistance point. A subsequent potential resistance could be found around $0.5485.
If the price breaks through the $0.5485 barrier, it could climb towards the $0.5500 level. Further increases may push it towards the $0.5550 resistance or potentially up to $0.5620 in the short term. The significant challenge ahead might be at $0.5650.
Another Drop?
Should XRP struggle to surpass the $0.5360 barrier, it might trigger a new drop in price. A potential floor in this scenario could be found around $0.5230. If the price continues to fall, the next significant support level lies at approximately $0.5185.
Should a drop occur followed by a closing price beneath $0.5185, the price trend could potentially continue moving downwards towards the short-term support at approximately $0.5120. The next significant support can be found around the $0.500 region.
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 near the 50 level.
Major Support Levels – $0.5230 and $0.5185.
Major Resistance Levels – $0.5360 and $0.5485.
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2024-10-25 07:34