As a seasoned crypto investor with years of experience in the market, I’ve seen my fair share of price corrections and trends in XRP. The latest correction near the $0.6375 resistance zone was unexpected, but not entirely surprising given the market volatility we’ve experienced recently.
The price of XRP hovered around $0.6375 before experiencing a correction. Currently, the value is close to $0.540. It may hold this level unless it falls beneath the support at $0.520.
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XRP price started a downside correction from the $0.6375 zone.
The price is now trading below $0.580 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $0.580 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could extend losses if there is a move below $0.540 and $0.520.
XRP Price Takes A Hit
The price of XRP faced difficulties in advancing beyond the $0.6375 resistance and subsequently dropped. It fell beneath the $0.620 and $0.600 support thresholds, similar to Ethereum and Bitcoin.
On the hourly chart of XRP/USD, the bullish trend line supporting $0.580 was breached, resulting in a decline below key support levels including $0.5650 and the 100-hour SMA. The pair reached a low at $0.5404 before consolidating, indicating potential price stabilization.
Currently, the price is sitting below the $0.600 mark and beneath the 100-hour Simple Moving Average. If there’s a new surge upwards, the price may encounter resistance around the $0.5640 level and at the 23.6% Fibonacci retracement point following the recent downward trend from the peak of $0.6374 to the low of $0.5404.
As a researcher, I’ve identified the initial significant resistance around the $0.5850 mark or the 50% Fibonacci retracement level following the decline from the peak of $0.6374 to the low of $0.5404. Subsequent resistance could emerge at $0.600. A decisive break above this barrier could potentially propel the price towards the next hurdle at $0.620. The following major resistance lies near the $0.6375 threshold, and further gains may lead the price to challenge the $0.650 resistance.
More Downsides?
Should XRP fall short of surpassing the $0.5850 resistance barrier, it may proceed to decline further. A preliminary floor for XRP can be found around $0.540. The subsequent significant support lies at $0.520.
Should the stock experience a significant drop below the $0.520 mark and confirm with a closing price lower than that, it’s likely we may see further declines, potentially reaching the $0.50 support level in the short 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 – $0.540 and $0.520.
Major Resistance Levels – $0.5850 and $0.6000.
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2024-07-19 07:52