As a seasoned crypto investor with years of experience in the market, I have seen my fair share of price swings and trend reversals. The recent failure of XRP to recover above the $0.50 resistance zone is disappointing, to say the least.
The price of XRP has once again fallen short of breaking through the $0.50 barrier for resistance. It appears that the price is now descending once more, increasing the possibility of further declines towards the $0.4840 mark.
- XRP is still showing bearish signs and struggled near $0.50.
The price is now trading below $0.4920 and the 100-hourly Simple Moving Average.
There is a key contracting triangle forming with resistance at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could recover, but the bears might be active near the $0.4950 resistance.
XRP Price Dips
As a crypto investor, I’ve observed that XRP‘s price has struggled to surpass the $0.50 resistance level, much like Ethereum and Bitcoin have faced their own respective challenges in breaking through key resistance levels. Unfortunately, XRP reached a peak near $0.4981 before initiating another downturn.
The price dipped below the support levels of $0.4980 and $0.4950. It fell below the 23.6% Fibonacci retracement mark of the upward trend from $0.4701 to $0.4981. Currently, it is trading beneath $0.4920 and the 100-hour Simple Moving Average.
Near the $0.4840 mark and the 50% Fibonacci retracement point, which is around $0.4840, the bulls are currently showing signs of activity following the bullish trend from the $0.4701 trough to the $0.4981 peak.
As an analyst, I’ve noticed some positive signs for the XRP/USD pair’s price movement. Firstly, there’s a noticeable resistance level at around $0.4920. Moving forward, the first significant resistance lies at approximately $0.4950. Furthermore, an hourly chart reveals a contracting triangle pattern emerging, with resistance sitting precisely at that $0.4950 mark. Beyond this, there’s a considerable resistance level near the $0.50 milestone.
Should the price manage to break above the $0.50 resistance mark, it may surge higher. The upcoming significant resistance lies at around $0.5050. Overcoming this hurdle could lead to a consistent uptrend towards $0.5250. Further progress might propel the price in the direction of $0.5320 resistance.
More Losses?
If XRP is unable to surpass the $0.4950 resistance mark, there’s a strong possibility it may descend further. The first line of defense on the decline lies around the $0.4840 price point.
As a researcher studying the market trends, I would caution that the next significant support lies at $0.4765. Should the price break down and close below this level, we may witness an accelerated downtrend. In such a scenario, it’s likely that the price will decline further and revisit the $0.4550 support in the short term.
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 – $0.4840 and $0.4765.
Major Resistance Levels – $0.4950 and $0.5000.
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2024-06-13 07:34