As an experienced financial analyst, I have closely monitored the XRP market over the past few sessions. The latest price action has been bearish, with the price moving lower below the $0.5350 support zone. XRP is now testing key support at $0.5220 and remains at risk of more downsides.
The price of XRP is currently dipping below the $0.5350 support level. It’s now facing a significant test at the support level of $0.5220. The digital currency still carries the potential for further declines.
- XRP is struggling to gain bullish momentum above the $0.5350 resistance zone.
The price is now trading below $0.530 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $0.5265 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase unless the bears push the price below $0.5220.
XRP Price Revisits Support
Over the last two trading sessions, XRP‘s price followed a downward trend similar to Bitcoin and Ethereum, dipping beneath the $0.5320 mark. Subsequently, it dropped further below the $0.5250 support level before the market bulls regained control.
At a price of $0.5212, a low point was reached and the market is currently reining in losses. Following this low, there was an attempt to bounce back above the 23.6% Fibonacci retracement level, which stands at $0.5305. However, sellers remain prominent around the $0.5300 mark.
On the hourly chart for XRP/USD, a bearish trend line is developing with resistance around $0.5265. Currently, the price hovers beneath $0.530 and falls short of the 100-hour Simple Moving Average.
The price is encountering strong opposition around the $0.5265 mark, representing an immediate hurdle. The initial level of significant resistance lies at approximately $0.532 or the 61.8% Fibonacci retracement point following the decline from $0.5405 peak to $0.5212 trough. Clearing this barrier could potentially push the price upwards. The next substantial resistance can be found around $0.540.
Should the price reach and surpass the $0.540 resistance point, it may lead to a gradual climb towards the $0.5450 resistance level. Further progress could potentially propel the price in the direction of the $0.5650 resistance.
More Downsides?
Should XRP fall short of surmounting the $0.5320 resistance mark, there’s a strong likelihood that it may descend further. The first line of defense on the downside lies around the $0.5220 support level.
If the price falls and breaks below the $0.5120 mark, it could signal a potential bearish trend. In such a scenario, the price may drop further towards the nearby support at $0.50.
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 – $0.5220 and $0.5120.
Major Resistance Levels – $0.530 and $0.5320.
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2024-05-29 05:10