As a researcher with experience in cryptocurrency markets, I’ve been closely monitoring the XRP price action. Based on my analysis of the latest charts and trends, it appears that XRP has extended its losses and tested the $0.4440 support zone. The price is currently correcting those losses sharply and might soon retest the $0.4720 resistance.
The price of XRP has continued to decline, reaching a support level at approximately $0.4440. However, there are signs of a sharp correction, suggesting that the price may soon challenge the resistance at around $0.4720.
- XRP price is correcting losses from the $0.4440 support zone.
The price is now trading below $0.4650 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $0.480 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might climb higher again if it stays above the $0.450 support zone.
XRP Price Revisits Support
As a researcher studying the cryptocurrency market, I’ve observed that XRP‘s price faced challenges in surpassing the $0.4850 resistance level and instead, began to slide downward. Similar trends were seen with Bitcoin and Ethereum. The bearish sentiment gained traction, causing the price to plummet beneath the crucial support at $0.470. Furthermore, there was a significant breakdown below a critical bullish trendline that had been supporting XRP/USD at $0.480 on the hourly chart.
The duo experienced significant drops below the $0.4550 mark, which functioned as their support. In contrast, the bulls successfully defended the $0.4440 level as a floor. A new low of $0.4439 was established, and presently, the price is bouncing back from its losses. The market exhibited a surge above the resistance at $0.4520.
As an analyst, I’ve observed that the price has surpassed the 23.6% Fibonacci retracement mark in its recent uptrend from the $0.4439 low to the previous swing high at $0.4878. Currently, it hovers below the $0.4650 threshold and falls short of the 100-hour Simple Moving Average.
As an analyst, I observe that the price is encountering resistance around the $0.4620 mark. Notably, the first significant resistance lies at the $0.4650 level and coincides with the 50% Fibonacci retracement point of the recent downtrend from the peak of $0.4878 to the trough of $0.4439. Furthermore, a potential resistance level may emerge near $0.4720.
Moving decisively above the $0.4720 threshold could propel the price towards the next resistance at $0.4850. Beyond this, the significant resistance lies around the $0.500 mark. Further advancements may push the price towards the $0.5250 resistance.
Another Decline?
If XRP is unable to surpass the $0.4650 resistance point, there’s a risk of another price drop. The bottom support can be found around $0.4520.
If the price falls further and breaks below the $0.4440 mark, it could potentially slide down towards the nearby support at $0.4320 in the short term.
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 – $0.4520 and $0.4440.
Major Resistance Levels – $0.4620 and $0.4650.
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2024-07-04 07:34