As a seasoned analyst with over a decade of experience in the crypto markets, I find myself observing the XRP price consolidating after a significant drop toward the $0.5550 level. The current trading pattern suggests a potential fresh increase above the $0.580 resistance, but the 100-hourly Simple Moving Average and a bearish trend line at $0.5720 could prove formidable obstacles.
Initially, the XRP price declined towards about $0.5550, but then the buyers stepped in. Currently, the price is stabilizing, potentially preparing for another rise that could push it beyond $0.580.
- XRP price started a consolidation phase after a drop toward the $0.5550 zone.
The price is now trading below $0.580 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5720 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could attempt a recovery wave if it clears the $0.580 resistance zone.
XRP Price Starts Consolidation
The price of XRP dipped further below the $0.580 mark, similar to both Bitcoin and Ethereum. It even touched the $0.5550 region. The lowest point was reached at $0.5538, but now the price seems to be recovering.
The price surpassed the $0.5580 and $0.5620 mark, also exceeding the halfway point (50%) of the recent downtrend from the $0.60 peak to the $0.5538 trough. Yet, bears continued to exert pressure and prevented further advancements above $0.5850.
Currently, the price remains under $0.580 and below its 100-hour moving average. As we look ahead, potential obstacles may arise for the price around the $0.5720 mark. Additionally, a significant bearish trendline is developing with resistance at $0.5720 on the hourly XRP/USD chart.
Approaching the $0.5885 mark, we encounter a significant point of resistance. This area is not far from the 76.4% Fibonacci retracement level of the price drop, which started at the $0.60 peak and ended at the $0.5538 trough.
In simpler terms, if the price breaks through the current resistance at $0.60, it could potentially rise to the next resistance levels around $0.6050 and $0.6160, with further increases possibly pushing it towards $0.6250 or even $0.6320 in the near future.
Another Decline?
If XRP doesn’t manage to surpass the $0.5720 barrier, there might be a fresh drop in price. A potential initial floor could form around $0.5640, while a more substantial support may lie at $0.5550.
If the price experiences a significant drop and falls below the $0.5550 mark, it could potentially keep falling towards the $0.5320 level as its short-term support. A more substantial support can be found at $0.5120 in the coming period.
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 – $0.5640 and $0.5550.
Major Resistance Levels – $0.5720 and $0.5885.
Read More
Sorry. No data so far.
2024-08-29 08:10