As a researcher with extensive experience in cryptocurrency market analysis, I have closely monitored the recent price movements of XRP. Based on my observation, it appears that XRP is currently experiencing bearish momentum below the $0.500 support zone. The price has declined significantly and is now trading below both the 100-hourly Simple Moving Average and the hourly chart’s connecting bullish trend line with support at $0.4950.
The price of XRP has been unable to climb above the $0.5050 mark, signaling a potential roadblock. With the current downward trend, there’s a risk that the price could plummet further and pick up bearish momentum around 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 researcher studying the cryptocurrency market, I’ve observed XRP‘s price attempting to bounce back, surpassing the $0.4920 mark, similar to Ethereum and Bitcoin. The climb continued as the price managed to break through the resistance at $0.500. However, bears were persistently present, putting up a strong defense near the $0.5050 level.
As a researcher, I’ve observed that the price dipped below the previous support levels at $0.4980 and $0.4950 after reaching a peak at $0.5053. Furthermore, the downward trend continued as the price fell beneath the 23.6% Fibonacci retracement level of the rally from the $0.4533 swing low to the $0.5053 high.
Additionally, the XRP/USD pair dipped beneath a supporting bullish trend line valued at $0.4950 on its hourly chart. Currently, the pair hovers slightly above the midpoint of the Fibonacci retracement scale at 50%, which marks the level between the $0.4533 swing low and $0.5053 peak during the recovery phase.
As an analyst, I observe that the price remains below the $0.50 mark and falls short of the 100-hour Simple Moving Average. On the positive side, there’s resistance forming around $0.4920. The first notable resistance lies at $0.4950, followed by a stronger one at $0.50.
If the price manages to break above the $0.500 resistance mark, it may lead to a notable price surge. The subsequent significant resistance lies around $0.5050. Should the price breach this level in its entirety, we could observe a consistent uptrend towards $0.5250. Further advances might even push the price up towards $0.5350.
More Losses?
As a crypto investor, if XRP doesn’t manage to break past the $0.4950 resistance point, there’s a chance it may keep declining. The initial floor in its price could form around $0.480.
As a researcher studying market trends, I would caution that a significant resistance lies at the $0.4740 mark. Should there be a break below this level with a subsequent closing price, the downward trend could potentially gain momentum. In such an event, it’s plausible to anticipate a retest of the support at $0.4550 in the immediate future.
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 10:17