As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of price fluctuations and trends. The current dip in XRP price below the $0.5500 level is not unusual, but it’s important to keep an eye on potential support and resistance levels.
The price of XRP is trending downwards, dipping below the $0.5500 mark. If it closes below the $0.5200 support area, the bears could grow stronger.
- XRP price is correcting gains below the $0.5500 zone.
- The price is now trading below $0.5450 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $0.5365 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bearish momentum if it declines below the $0.5200 support zone.
XRP Price Dips Further
As a researcher, I observed that my ongoing study on XRP’s price movement revealed a struggle to surge beyond the $0.5600 mark, leading to a downward correction similar to Bitcoin and Ethereum. A notable drop was seen below the $0.5550 and $0.5500 support levels.
As a researcher, I’ve noticed that the price dropped significantly, reaching as low as $0.5290 and testing $0.5292 – a new low point. Currently, the market is consolidating its losses and trading below the 23.6% Fibonacci retracement level, which indicates a downward move from the $0.5600 high to the $0.5292 low.
Currently, the price is dipping below $0.5450 and falling slightly beneath the 100-hour Simple Moving Average. As it moves upward, potential obstacles may arise around the $0.5365 mark. Additionally, a fresh bearish trend line is emerging on the hourly XRP/USD chart, with resistance at $0.5365.
The first major resistance is near the $0.5440 level. It is close to the 50% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5292 low.
The next key resistance could be $0.5520. A clear move above the $0.5520 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5600 resistance or even $0.5650 in the near term. The next major hurdle might be $0.5800.
More Losses?
If XRP doesn’t manage to break through the resistance at approximately $0.5365, there might be a further drop in its price. A potential first line of defense on the downside lies around $0.5280. The next substantial support is expected around $0.5220.
If a drop occurs below the $0.5220 mark and we see a closing price beneath it, the price trend could potentially head downwards towards the $0.5050 support level in the upcoming period. The significant support level lies around the $0.500 area in the near future.
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 – $0.5280 and $0.5220.
Major Resistance Levels – $0.5365 and $0.5520.
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2024-10-23 07:36