As a seasoned crypto investor with a deep understanding of the market, I’ve seen XRP struggle to break above the resistance at $0.5120 for quite some time now. The price action is concerning, as it keeps bouncing off this level and forming lower highs. This indicates bearish sentiment in the short term.
As a researcher examining XRP‘s price action, I’ve observed that the currency is having difficulty surpassing the $0.5120 resistance level. A potential decline could ensue if XRP fails to maintain above the critical support levels of $0.5060 and $0.5120 in the short term.
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XRP is struggling to gain pace for a move above the $0.5120 level.
The price is now trading below $0.5050 and the 100-hourly Simple Moving Average.
There is a short-term declining channel forming with resistance at $0.5040 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a decent increase if there is a close above the $0.5120 resistance.
XRP Price Stuck Near $0.50
Yesterday, we explored the upward trend of XRP‘s price, similar to Bitcoin and Ethereum. It surpassed the resistance points at $0.4950 and $0.50.
As a crypto investor, I’ve noticed an intriguing development in the market. The price surpassed $0.5100, but bears became more active around the resistance level of $0.5120. A new peak was established at this resistance level, and now the price is in the process of correcting its gains. We’ve even seen a dip below the 50% Fibonacci retracement level – a key support level following our upward trend from the swing low at $0.4865 to the high at $0.5120.
As a crypto investor, I’m observing that the price is currently hovering below the $0.5050 mark and the 100-hour Simple Moving Average. However, there are signs of bullish activity above the 61.8% Fibonacci retracement level of the recent upward move from the $0.4865 swing low to the $0.5120 high.
The XRP/USD pair is encountering strong resistance around the $0.5040 mark, which is close to the 100-hour moving average. Additionally, a short-term downward trendline is shaping up on the hourly chart, with resistance at $0.5040. The initial major hurdle for price advancement lies around $0.5060. Overcoming this barrier could lead to further gains.
If the price overcomes the next significant resistance at around $0.5120, the bulls may instigate a surge towards the resistance level of $0.5250. Should the price continue to climb beyond that point, it could potentially reach the resistance at $0.5350.
More Losses?
Should XRP fall short of surmounting the $0.5040 resistance point, there’s a possibility it may descend further. The initial floor lies around $0.4965. Beyond that, significant support can be found at $0.4925.
As an analyst, I would interpret a downside break and closing below the $0.4925 mark as a potential sign of further price decline. In such a scenario, the price may pick up momentum and dip below the previously supportive level at $0.4865.
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 – $0.4965 and $0.4925.
Major Resistance Levels – $0.5040 and $0.5120.
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2024-05-15 08:28