As a seasoned crypto investor with several years of experience in the market, I’ve seen my fair share of price fluctuations for XRP. The recent struggle of XRP to recover above the $0.480 resistance zone is not an unfamiliar sight. However, it’s disappointing to see the price moving lower once again and potentially dropping below the $0.4680 support.
The price of XRP has had a tough time bouncing back above the $0.480 mark of resistance. Now, it seems to be heading downward once more, potentially dipping below the $0.4680 support level.
- XRP price failed to extend gains above the $0.4800 resistance zone.
The price is now trading below $0.4750 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance at $0.4720 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might again face rejections near $0.4720 and $0.480.
XRP Price Retreats
The price of XRP made an attempt to rebound above the $0.4720 mark, similar to Bitcoin and Ethereum‘s recovery efforts. Nevertheless, sellers were persistent near the resistance level of $0.480. A peak was reached at $0.4797 before the price slid down once more.
As a crypto investor, I’ve noticed that the price of XRP dipped below the support levels of $0.4750 and $0.4720. This downward trend took the price below the 50% Fibonacci retracement level of the recent upward move from the swing low at $0.4619 to the high at $0.4797. Furthermore, an ominous bearish trend line has emerged on the hourly chart of XRP/USD pair, with resistance at $0.4720.
The price currently sits below the $0.4750 mark and its 100-hour moving average, but it’s receiving support around the 61.8% Fibonacci retracement level of the upward trend that started at $0.4619 and peaked at $0.4797.
Positively, the price is encountering resistance around the $0.4720 mark. The initial significant barrier lies at $0.4750. The primary challenge remains at $0.480.
As a researcher studying the market trends, I would interpret the price action as follows: Breaking above the current resistance at $0.480 could propel the price towards the next resistance level at $0.4850. Beyond that, the significant resistance lies around the $0.500 mark. A successful close above this resistance zone would potentially fuel further gains, leading us to the next crucial resistance point at $0.5120. Any additional advancements might then push the price towards the $0.5250 resistance.
More Losses?
As a researcher studying the price movements of XRP, I would observe that if XRP is unable to surpass the resistance at $0.4720, there’s a strong possibility it may continue to trend lower. A support level for XRP can be found near $0.4680 during such a downturn.
Should the price drop and fall below the $0.4620 mark in the future, there’s a strong possibility it could continue sliding downwards. In such an event, the price may dip further and test the support level at $0.4320 in the near term.
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 – $0.4680 and $0.4620.
Major Resistance Levels – $0.4720 and $0.4800.
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2024-06-27 07:35