As an experienced financial analyst, I’ve been closely monitoring the XRP market and its price action. Based on the current trend and technical indicators, it appears that XRP is losing momentum and may be headed for more losses.
The price of XRP has been unable to rise above the $0.5050 barrier, instead, it’s heading downward. There’s a possibility that it could pick up downward momentum if the price falls below the $0.480 support level.
- XRP is gaining bearish momentum below the $0.500 support.
The price is now trading below $0.500 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could decline heavily if it breaks the $0.480 support zone.
XRP Price Breaks Support
As a crypto investor, I’ve noticed that XRP‘s price made an attempt to bounce back, reaching beyond the $0.4920 mark, similar to Ethereum and Bitcoin‘s recovery waves. I was hopeful as the price surged above the significant resistance level of $0.500. However, my optimism was dampened when bears emerged around $0.5050, creating a roadblock for further progression.
At a price of $0.5053, a new peak was reached and now the value is declining once more. The support levels at $0.4980 and $0.4950 were breached as well. The price dipped below the 23.6% Fibonacci retracement mark of the upward correction from the $0.4533 trough to the $0.5053 peak.
Additionally, the XRP/USD pair dipped below a key bullish trend line at $0.4950 on its hourly chart, signaling potential weakness. The pair now hovers slightly above the 50% Fibonacci retracement level, which marks midway point of the recovery wave from the $0.4533 swing low to the $0.5053 high.
Despite currently being below $0.50 and the 100-hour Simple Moving Average, the price is encountering resistance at around $0.4920. The first notable resistance lies at $0.4950, followed by the significant resistance level of $0.50.
As a crypto investor, if we manage to push the price above the $0.500 resistance mark, it could lead us to higher grounds. The next significant barrier lies around $0.5050. Breaking through this resistance level might trigger a gradual climb towards the $0.5250 resistance zone. Surpassing that hurdle could potentially propel the price further upwards, aiming for the $0.5350 resistance.
More Losses?
As a crypto investor, if XRP fails to surpass the $0.4950 resistance mark, there’s a strong possibility that its price may trend lower. A potential support zone lies around the $0.480 region.
If the price falls significantly and closes below the $0.4740 mark, it may trigger a more pronounced downtrend. In such a scenario, the price might drop down to test the support at $0.4550 once again.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.4800 and $0.4740.
Major Resistance Levels – $0.4950 and $0.5050.
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2024-06-11 08:46