As a seasoned analyst with years of experience navigating the cryptocurrency market, I find myself looking at XRP‘s recent plunge with a mix of concern and curiosity. With over 15% of its value erased in the past few hours, it’s evident that the bearish sentiment has seeped into this particular corner of the crypto world as well.
The cost of XRP has dropped by more than 15% and currently trades under half a dollar. The trend suggests a bear market, and it may find it challenging to surpass the $0.520 barrier for recovery.
- XRP price traded below the $0.500 and $0.4850 support levels.
The price is now trading below $0.4880 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5180 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could attempt a steady recovery wave if it clears the $0.520 resistance zone.
XRP Price Dives Over 15%
The price of XRP significantly dropped below the $0.500 support level, following a steep fall in both Ethereum and Bitcoin. This decline also extended to the $0.4850 support area.
The price has dropped to around $0.460 and created a new low there. Currently, it’s holding steady at this level, suggesting a pause in its decline. However, there are strong indications of a continued downtrend, as the price is now below the 23.6% Fibonacci retracement line of the fall from the peak of $0.5767 to the trough of $0.460.
Currently, the price is dipping below $0.5880 and slightly lower than its 100-hour moving average. Moreover, a significant downtrend line is emerging on the hourly XRP/USD chart with a potential resistance at $0.5180. In case of an upward trend, the price might encounter resistance around $0.4880.
In simpler terms, the initial significant barrier lies around the $0.500 mark. The next potential obstacle could be at $0.5180, or it might be the trendline, the 50% Fibonacci retracement level following the downward swing from $0.5767 peak to $0.460 low. Breaking through $0.520 could potentially push the price up towards the $0.5350 resistance.
In simpler terms, if the price continues to rise, it could potentially reach either $0.550 (a minor resistance) or even $0.5650 in the short term, as there’s a significant resistance level at around $0.5440.
More Downsides?
As a researcher observing the market trends of XRP, if this cryptocurrency fails to surpass the resistance at approximately $0.520, it might continue on a downward trajectory. Notably, a potential initial support level can be found around $0.4650. If the price continues to fall, the next significant support is anticipated at around $0.460.
If the price experiences a drop and falls below the $0.460 mark, it could potentially continue falling towards the nearby $0.4350 support level in the short run. A significant support level can be found at $0.4250 further down the line.
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 – $0.4600 and $0.4500.
Major Resistance Levels – $0.5000 and $0.5200.
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2024-08-05 08:46