As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen more than a few bull runs and bear markets.
Initially, the price of XRP experienced a decrease after reaching a resistance point at around $0.6480. Currently, it’s approaching a potential support level at $0.550. If this hold, we might see another upward movement in its price.
- XRP price started a downside correction below the $0.620 and $0.600 levels.
The price is now trading below $0.600 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5750 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 Hits Key Support
The price of XRP failed to maintain its upward momentum beyond the $0.6450 and $0.650 mark, instead, it began to drop, similar to both Ethereum and Bitcoin, after dipping below the $0.600 level.
The price dropped below the $0.5850 and $0.580 support points, also falling beneath the 50% Fibonacci retracement level from the rise between the $0.4925 low and $0.6475 high. Nevertheless, bulls are currently showing activity around the $0.5500 support level.
In simpler terms, the level at which the price might pull back by approximately 61.8% during the upward trend from its lowest point of $0.4925 to its highest point of $0.6475 is currently being tested as a potential support. The current trading price has fallen below $0.600 and also sits below the 100-hour moving average line.
In simpler terms, the cost of XRP might encounter obstacles around $0.570. The initial significant barrier is at approximately $0.5750, and a notable bearish trend line is shaping up there on the hourly chart with another potential resistance at $0.580.
If the price breaks through the current resistance at $0.580, it could potentially rise to the next resistance around $0.5950. Beyond that, further increases might push the price towards the $0.620 or even $0.650 resistance levels in the near future. The significant resistance level is near $0.600.
More Downsides?
If XRP struggles to surpass the $0.580 barrier, it might keep falling. A potential floor for this drop could be around $0.5520. Below that, significant support can be found at approximately $0.550.
If the price falls significantly and drops below the $0.550 mark, it could potentially slide further down towards the $0.5320 support level. A stronger support can be found at $0.5250.
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 – $0.5550 and $0.5500.
Major Resistance Levels – $0.5750 and $0.5800.
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2024-08-12 08:28