XRP Price Grinds Lower: Searching for Support Amid Downtrend

As a researcher with extensive experience in analyzing cryptocurrency markets, I’ve been closely monitoring the price action of XRP. Based on the latest developments, it appears that XRP is facing downward pressure and has dipped below key support levels such as $0.5220 and $0.5120.

The price of XRP slipped beneath the $0.5220 support level, reaching as low as $0.5120. Currently, it’s making an effort to rebound and climb back up towards $0.550.

    XRP is struggling to start a fresh increase above the $0.5320 resistance zone.
    The price is now trading below $0.530 and the 100-hourly Simple Moving Average.
    There is a major bearish trend line forming with resistance near $0.5230 on the hourly chart of the XRP/USD pair (data source from Kraken).
    The pair could continue to move down if the price stays below $0.5320.

XRP Price Dips Further

The value of XRP continued to trend bearishly in the short term, similar to Bitcoin and Ethereum. The bears succeeded in driving the price beneath the significant support level at $0.5220. Eventually, the price approached the support area around $0.5120.

As a researcher studying financial markets, I’ve observed the formation of a low at $0.5126. Currently, the price is making an effort to rebound. It has already surpassed the resistance level at $0.5165. Furthermore, the price has advanced beyond the 23.6% Fibonacci retracement level of the bearish trend that extended from the swing high at $0.5406 to the low at $0.5126.

The price of XRP/USD remains below the $0.530 mark and the 100-hour moving average. On the positive side, there is resistance at around $0.5220. Additionally, a significant bearish trend line emerges on the hourly chart, with resistance at approximately $0.5230 for the XRP/USD pair.

As a crypto investor, I’m keeping an eye on two significant resistance levels in the market. The first one lies around $0.5265, which aligns with the 50% Fibonacci retracement level of the recent downward wave from the swing high at $0.5406 to the low at $0.5126. Breaking above this resistance could potentially propel the price upward. The next important resistance is located near $0.5320.

XRP Price Grinds Lower: Searching for Support Amid Downtrend

As a crypto investor, if the price manages to break above the $0.5320 resistance level in my portfolio, I can expect a steady climb towards the next resistance at $0.5450. Surpassing this hurdle might even propel the price further upwards, potentially reaching the $0.5650 resistance.

More Downsides?

If XRP is unable to surpass the $0.5220 resistance mark, there’s a chance it may keep declining. The first line of defense for XRP on the downside lies around the $0.5150 support.

If the price falls and breaks below the $0.5120 mark, it’s likely that the downward trend will gain momentum. In such a scenario, the price may drop to the nearby support level at $0.50.

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 – $0.5120 and $0.500.

Major Resistance Levels – $0.5220 and $0.5320.

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2024-05-31 05:10