As a crypto investor with some experience in the market, I’ve seen XRP price go through its ups and downs. Currently, the price is consolidating above the $0.50 support but extending losses if it fails to recover above the $0.530 resistance zone. This is similar to what we’ve seen with Bitcoin and Ethereum.
XRP’s price is currently holding steady above the $0.500 support level, but may continue to decline if it can’t regain strength and surpass the $0.530 resistance area.
- XRP extended losses and traded below the $0.530 support.
The price is now trading below $0.5250 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $0.5150 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if the bulls push the price above $0.530.
XRP Price Stable Above $0.50
In recent developments, XRP‘s price value has continued to decline, dropping beneath the $0.5250 mark and approaching the $0.5080 support level, much like Bitcoin and Ethereum. A new low was reached at $0.5087, and currently, the price is stabilizing amid this downturn.
On the hourly XRP/USD chart, the resistance at $0.5120 was surpassed by a slight price rise. Additionally, there was a breach of a bearish trend line with resistance at $0.5150. However, the pair remains below both the $0.5250 mark and the 100-hour Simple Moving Average.
As a researcher studying financial markets, I’ve identified that the immediate resistance for the asset price lies around the $0.5250 mark. This level aligns with the 23.6% Fibonacci retracement level following the downward trend from the $0.5699 peak to the $0.5087 trough. The initial significant resistance can be found at approximately $0.530, which also coincides with the 100-hour Simple Moving Average.
As a researcher studying the stock market trends, I’ve identified a significant resistance zone just above the $0.530 mark. Should the price break through this barrier, we could witness a substantial surge in value. The next notable resistance lies at around $0.5465. If the bullish momentum continues beyond this level, it may trigger a rally towards the $0.580 resistance. Further gains might push the price even closer to the $0.600 resistance.
More Losses?
As a researcher studying the price movements of XRP, I would interpret that if XRP is unable to surmount the resistance at $0.530, there’s a possibility for another descent. The initial floor in the event of a decline can be found near $0.5150.
As an analyst, I would advise that the next significant support for the price lies at $0.5080. Should the price breach this level and close below it, we could witness a more rapid descent. In such an event, the price may revisit the support area around $0.4840.
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 – $0.5150 and $0.5080.
Major Resistance Levels – $0.5250 and $0.530.
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2024-05-10 07:34