As a seasoned crypto investor, I’ve seen my fair share of market volatility, especially in XRP. The latest decline below the $0.5120 support was disheartening, but not unexpected given the current market conditions.
The price of XRP has dropped below the $0.52 support, causing it to trade within a current range. A potential break above the $0.5320 resistance lies ahead.
- XRP extended losses and declined below the $0.5120 support.
The price is now trading above $0.5250 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5325 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5365 resistance zone.
XRP Price Holds Ground
Over the last two trading sessions, XRP‘s value exhibited a consistent downward trend, falling beneath the $0.5320 mark. There were minor upward fluctuations akin to Bitcoin and Ethereum, but ultimately, XRP dipped below the $0.5120 support threshold.
At a price of $0.5028, a low point was reached and the market is currently reversing course to recoup some losses. Previously, there were breakthroughs above the resistance levels at $0.5200 and $0.5250. Furthermore, the price surpassed the 50% Fibonacci retracement level, which marks halfway point of the downward trend from the peak at $0.5477 to the trough at $0.5028.
The price for XRP/USD has surpassed the $0.5250 mark and the 100-hour moving average. The immediate resistance lies around $0.5320. Additionally, there’s a significant bearish trend line emerging on the hourly chart with resistance at approximately $0.5325 for the XRP/USD pair.
The first significant resistance point is around $0.5365 or the 76.4% mark of the previous price drop from the peak of $0.5477 to the low of $0.5028. Overcoming this barrier at $0.5365 could potentially push the price upwards.
If the price breaks through the $0.5480 barrier, bulls may drive it upwards, potentially leading to a continuous climb towards $0.5570. Further progress could possibly propel the price in the direction of $0.5800.
Another Decline?
Should XRP be unable to surpass the $0.5320 resistance point, there’s a risk of another price drop falling within that range. The initial floor can be found around $0.5250, along with the 100-hour Simple Moving Average (SMA).
If the price falls and breaks below the $0.5140 mark, it may lead to a significant drop in value. In such a scenario, the price could potentially plummet towards the next support level at $0.5030.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5250 and $0.5140.
Major Resistance Levels – $0.5320 and $0.5365.
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2024-05-24 05:46