As a seasoned researcher with years of experience navigating the cryptocurrency market, I find myself observing the recent dip in XRP price, much like how I used to cringe at the sight of falling stock prices back in my days on Wall Street. The current support at $0.5320 seems to be holding strong, with XRP attempting a fresh recovery above $0.550.
As an analyst, I’ve noticed that the XRP price has continued to decline, reaching the significant support level at approximately $0.5320. At this point, the market seems well-supported, indicating a potential for a fresh recovery if the price manly: If the current $0….0..0..01>0.0.01
- XRP price started a decent increase from the $0.5330 zone.
The price is now trading below $0.560 and the 100-hourly Simple Moving Average.
There is a new connecting bearish trend line forming with resistance at $0.5570 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could climb higher toward the $0.600 zone if it clears the $0.5620 resistance zone.
XRP Price Attempts Recovery
XRP price extended losses like Bitcoin and Ethereum. The price even dived below the $0.5440 support level. It tested the $0.5330 zone. A low was formed at $0.5333 and the price is now attempting a fresh recovery wave.
Previously, the price surpassed the hurdles at $0.5420 and $0.5440, known as resistance levels. It managed to go beyond the 23.6% Fibonacci retracement level, which is a significant milestone from the peak at $0.5719 to the trough at $0.5333. Additionally, it’s trying to end the session above $0.0520.
The price is now trading well below $0.5750 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5550 level. The first major resistance is near the $0.5570 level. There is also a new connecting bearish trend line forming with resistance at $0.5570 on the hourly chart of the XRP/USD pair.
Based on the recent trend, we’re nearly touching the 61.8% Fibonacci retracement level during the drop from the peak at $0.5719 to the low at $0.5333. If this trend continues, the next significant barrier could be around $0.5720. A decisive break above $0.5720 may propel the price towards the potential resistance at $0.5850.
As a crypto investor, I’m keeping an eye on the upcoming resistance at around the $0.5920 mark. If we continue to see positive momentum, it could potentially propel the price towards the immediate resistance of $0.600, and possibly even reach as high as $0.6060 in the near future.
Another Decline?
If XRP fails to clear the $0.5570 resistance zone, it could start another decline. Initial support on the downside is near the $0.5480 level. The next major support is at $0.5420.
If a drop occurs below $0.5420 and the closing price is lower, the value could potentially fall further towards the short-term support of $0.5320. A more significant level of support can be found 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 – $0.5420 and $0.5320.
Major Resistance Levels – $0.5570 and $0.5720.
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2024-09-04 07:36