As a seasoned researcher with years of experience in the cryptocurrency market, I find myself observing yet another battle between bulls and bears for control over XRP. The resistance at $0.5850 continues to hold strong, and the recent dip below $0.5750 is cause for concern.
The value of XRP struggled to break through the barrier at $0.5850, instead it dropped and exhibits some negative indicators under $0.5750.
- XRP price is struggling to climb above the $0.5850 level.
The price is now trading below $0.5750 and the 100-hourly Simple Moving Average.
There was a break below a key rising channel with support at $0.5745 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.580 resistance zone.
XRP Price Dips To Support
The price of XRP hovered around the $0.5650 mark, trying to push higher, but was unable to surpass the $0.5850 barrier. Consequently, similar to Bitcoin and Ethereum, it initiated a new drop in value.
The price dropped beneath both the $0.580 and $0.5750 thresholds, also falling below the 23.6% Fibonacci retracement level from the price increase that started at $0.5457 and peaked at $0.5835. Additionally, there was a breach of a significant uptrend line with support at $0.5745 on the XRP/USD pair’s hourly chart.
Currently, the price is sitting below $0.5750 and slightly below its 100-hour moving average. It’s also holding onto the 50% Fibonacci retracement level from the price drop between $0.5457 (swing low) and $0.5835 (high).
On the upside, the price is facing hurdles near the $0.5750 level. The first major resistance is near the $0.580 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.60 resistance. The next major resistance is near the $0.6150 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
More Losses?
Should XRP be unable to surpass the $0.580 resistance point, there’s a possibility of another price drop. A potential floor for this decrease might be found around $0.5650. If the downward trend continues, significant support could lie at $0.560.
If the price falls significantly and drops beneath $0.5600, it could potentially trend lower towards the immediate support at $0.550. In the short-term, a significant support can be found at $0.5350.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5600 and $0.5550.
Major Resistance Levels – $0.5800 and $0.5850.
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2024-08-15 07:38