As an experienced market analyst, I have closely observed the XRP price action over the past few days. The recent dip below the $0.4800 support was concerning, but the bulls managed to reclaim the 100-hourly Simple Moving Average (SMA) and bounced back above the $0.4820 resistance.
As an analyst, I’ve noticed that XRP‘s price took a dip, but the buying pressure remained strong around the $0.4700 support level. The cryptocurrency managed to regain the 100-hour Simple Moving Average (SMA), and if it can surpass the resistance at $0.4950, we could expect further price increases.
- XRP price found support at $0.4700 and started a recovery wave.
The price is now trading above $0.4800 and the 100-hourly Simple Moving Average.
There was a break below a major bullish trend line with support at $0.4915 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to rise unless it fails to stay above the $0.4820 support zone.
XRP Price Aims Higher
The XRP price fell short of surmounting the $0.520 resistance, instead following suit with Bitcoin and Ethereum‘s downward trend. A significant drop was observed below the support levels at $0.500 and $0.4850. The XRP/USD pair breached a major bullish trend line, which previously offered support at $0.4915 on the hourly chart.
Despite hitting a low at $0.4700, the bulls showed determination and propelled the price upwards. The resistance levels at $0.4750 and $0.4820 were surmounted, and the 23.6% Fibonacci retracement level of the downtrend from $0.5202 peak to $0.4700 trough was also breached.
Currently, the price is hovering above $0.4800 and the 100-hour moving average. On the positive side, the price encounters resistance at around $0.4950 and the 50% Fibonacci retracement mark of the decline from $0.5202 peak to $0.4700 low.
The first key resistance is near $0.500. The next major resistance is near the $0.520 level. A close above the $0.520 resistance zone could send the price higher. The next key resistance is near $0.5320. If there is a close above the $0.5320 resistance level, there could be a steady increase toward the $0.5500 resistance. Any more gains might send the price toward the $0.5550 resistance.
Another Decline?
If XRP is unable to surpass the $0.4950 barrier, there’s a risk of another price drop. The lower boundary of support can be found around $0.4865 and the 100-hour SMA.
If we encounter a drop and the price falls below the $0.4820 mark, there’s a strong possibility that the market will pick up bearish momentum. Under such circumstances, it’s likely that the price will slide down and revisit the $0.4550 support level in the imminent 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 – $0.4820 and $0.4700.
Major Resistance Levels – $0.4950 and $0.500.
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2024-06-18 07:16