XRP Price Facing Another Drop: Understanding The Key Drivers

As a seasoned crypto investor with a few bear market cycles under my belt, I’ve grown accustomed to the rollercoaster ride that comes with investing in digital assets. The recent price action of XRP has been no exception. After witnessing a sharp decline below the $0.480 support level, the price bounced back from the $0.4620 zone and attempted a recovery wave.

I’ve noticed that XRP‘s price has been attempting to bounce back from its support at $0.4620. Currently, it’s facing resistance around the $0.4780 mark and could potentially roll back down in price again.

    XRP price is attempting a recovery wave from the $0.4620 support zone.
    The price is now trading below $0.4800 and the 100-hourly Simple Moving Average.
    There is a key bearish trend line forming with resistance at $0.4770 on the hourly chart of the XRP/USD pair (data source from Kraken).
    The pair might face rejections near $0.4780 and $0.480.

XRP Price Faces Resistance

As a researcher studying the cryptocurrency market, I’ve observed that XRP‘s price dipped below the $0.480 mark, joining Bitcoin and Ethereum in extended losses. The downward trend even pushed XRP’s price down to $0.4650, testing the $0.4620 support zone. A new low was formed at $0.4619 before the price began to recover.

The price broke through the resistance levels at $0.4700 and $0.4720, reaching new heights. It also exceeded the 50% mark of the pullback from the peak of $0.4885 to the trough of $0.4620. However, bears have emerged around the $0.4780 area.

I’m an market analyst observing the price action of XRP/USD pair. The downward wave from the $0.4885 swing high to the $0.4620 low has seen sellers defending the 61.8% Fibonacci retracement level at around $0.4730. Furthermore, a significant bearish trend line is shaping up on the hourly chart with resistance at approximately $0.4770.

Currently, the price is hovering below the $0.4800 mark and the 100-hour Simple Moving Average. On the upward trajectory, there’s resistance at around $0.4770. The first notable resistance lies at $0.4800.

XRP Price Facing Another Drop: Understanding The Key Drivers

As a researcher studying the price movements of this asset, I’ve identified some key resistance levels that may impact its future trajectory. If we manage to break above the current resistance at $0.4800, it could potentially push the price up towards the next resistance level at $0.4885. Beyond that, a significant move higher might bring us close to the major resistance area around $0.5050. A successful breakout above this resistance could lead to further gains, with potential resistance at $0.5250. Any additional price increases might then propel the asset towards the next key resistance at $0.5500.

Another Decline?

If XRP is unable to surpass the $0.4800 resistance point, there’s a risk of another price drop. The lower support can be found around the $0.4685 mark.

If the price falls and breaks the $0.4620 mark, closing below it, the downward trend is likely to pick up speed. In this scenario, the price may drop further and test the $0.450 support level in the short term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level.

Major Support Levels – $0.4685 and $0.4620.

Major Resistance Levels – $0.4770 and $0.4800.

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2024-06-26 07:16