As a seasoned crypto investor with over a decade of experience navigating the volatile cryptocurrency market, I’ve learned to expect the unexpected and adapt quickly to market changes. Looking at the current XRP price action, it seems we’re witnessing another dip after the failed attempt to break above the $0.60 resistance.
XRP’s price attempt to rise beyond the $0.600 mark did not succeed, instead, it shifted direction and is currently stabilizing around the $0.570 region.
- XRP price started another decline after it failed to clear the $0.60 resistance.
The price is now trading below $0.600 and the 100-hourly Simple Moving Average.
There was a break below a short-term rising channel with support at $0.590 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could attempt a recovery wave if it clears the $0.5770 resistance zone.
XRP Price Drops Again
The price of XRP struggled to advance beyond the $0.60 mark, instead it peaked and subsequently dropped in value similar to Bitcoin and Ethereum. This decline led the price to drop below both the $0.5850 and $0.580 support levels.
On the hourly chart for the XRP/USD pair, a drop occurred below a temporary upward trend line (rising channel) with a base at $0.590. The pair dipped further, falling even beneath the $0.5550 support level. A low was reached at $0.5538, and currently, the price is stabilizing following this decline.
Above the $0.5640 mark, there was a slight upward shift. This move surpassed the 23.6% Fibonacci retracement level from the peak at $0.60 to the trough at $0.5538. However, the price is yet to go beyond $0.600 and the 100-hour Simple Moving Average.
Looking on the positive side, the price could encounter a barrier at approximately $0.5770. This level is not far from the 50% Fibonacci retracement point of the decline that started from the peak of $0.60 and ended at $0.5538 low. The first significant resistance lies around $0.5885.
The next key resistance could be $0.60. A clear move above the $0.60 resistance might send the price toward the $0.6050 resistance. The next major resistance is near the $0.6160 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
Another Drop?
If XRP doesn’t manage to surpass the $0.5770 barrier, there might be another drop. A potential floor could form around $0.560. Below that, significant support lies at $0.5550.
If the price experiences a drop and falls below the $0.5550 mark, it could potentially fall further towards the $0.5320 resistance level in the short term. The significant support after that is located at $0.520.
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 – $0.5620 and $0.5550.
Major Resistance Levels – $0.5885 and $0.6000.
Read More
Sorry. No data so far.
2024-08-28 08:10