As a researcher with experience in analyzing cryptocurrency markets, I’ve been closely monitoring the price action of XRP. Based on my observations, it appears that XRP is attempting to recover above the $0.4700 resistance zone. However, this recovery could be short-lived if XRP fails to clear the significant resistance at $0.4825.
“The current price of XRP is trying to climb above the barrier at $0.4700. However, if it can’t surpass the resistance at $0.4825, we might see another price drop.”
- XRP price is still struggling to gain pace for a move above the $0.4800 resistance zone.
The price is now trading above $0.4720 and the 100-hourly Simple Moving Average.
There was a break above a crucial bearish trend line with resistance at $0.4710 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might gain bullish momentum if there is a close above the $0.4825 resistance.
XRP Price Attempts Recovery
The price of XRP made an attempt to rebound above the $0.470 mark, similar to Bitcoin and Ethereum. Bullish forces managed to lift the price beyond $0.4720, positioning it in a favorable short-term outlook.
On the hourly XRP/USD chart, the trendline providing support at $0.4710 was breached, leading to an upward move. Nevertheless, the pair has encountered resistance around $0.4770. A peak was reached at $0.4769 and currently, the price is pausing to regroup before potentially continuing its advance or reverting back to previous losses.
The price is currently probing the 23.6% Fibonacci resistance level in its upward trend, having risen from a swing low of $0.4660 to a high of $0.4769. At present, it hovers above the $0.4720 mark and lies above the 100-hour Simple Moving Average.
As an analyst, I’ve noticed that the price is encountering some resistance around the $0.4770 mark. The initial significant obstacle can be found at the $0.4785 level. The most substantial hurdle currently lies at $0.4825. A decisive break above this resistance could potentially push the price towards the next challenge, which is located at $0.4880.
Approaching next significant resistance lies around the $0.500 mark. Clearing this hurdle could propel the price upward towards $0.5120. Further progress may potentially push the price towards the $0.5250 resistance level.
Another Decline?
As a market analyst, I would observe that if XRP is unable to surmount the resistance at $0.4770, it could trigger another price drop. The initial support for XRP can be found around the $0.4740 mark and the 100-hour Simple Moving Average.
As an analyst, I would warn that the next significant support lies at $0.470. Should the price breach this level and close below it, there’s a risk of further declines. In such a scenario, the price may even dip beneath the nearby support at $0.4620 in the short term.
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 above the 50 level.
Major Support Levels – $0.4700 and $0.4620.
Major Resistance Levels – $0.4770 and $0.4825.
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2024-06-28 07:34