As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market ups and downs. And based on the current XRP price action, it looks like we’re in for a period of consolidation or potential correction.
The current price of XRP is crucial as it hovers around the significant support level at $0.5220. If buyers manage to maintain this level, they may attempt a new surge in the price. However, if the price falls below $0.5220, bears could potentially take control.
- XRP is struggling to start a fresh increase above the $0.5350 resistance zone.
The price is now trading below $0.5320 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase unless the bears push the price below $0.5220.
XRP Price Holds Support
The value of XRP experienced another downturn, dipping towards the $0.5220 support level much like Bitcoin and Ethereum. A significant drop beneath this support was observed, yet buying activity from bulls remained evident.
At a price of $0.5192, a trough emerged, and the market has since bounced back above $0.5220. Currently, the market hovers around the 23.6% Fibonacci retracement mark, which is calculated based on the downward trend from the peak of $0.5405 to the trough at $0.5192. The market now sits below both $0.5320 and the 100-hour Simple Moving Average.
As an analyst, I observe that the XRP/USD pair has encountered resistance around the $0.5280 mark in its upward trajectory. Additionally, a significant bearish trend line is shaping up on the hourly chart, also providing resistance at this level.
The initial significant barrier lies around $0.5300, which represents the 61.8% Fibonacci retracement level in the declining trend from the peak of $0.5405 to the trough of $0.5192. Breaking above this resistance at $0.5300 could potentially push the price upward. Subsequently, $0.540 marks the next notable resistance.
Should the price surpass the $0.540 resistance point, we can anticipate a gradual upward trend reaching the $0.5450 resistance level. Further advances could potentially push the price up to the $0.5650 resistance.
More Downsides?
If XRP is unable to surpass the $0.5280 barrier, it may keep falling. The initial floor lies around $0.5220.
If we reach the next significant resistance at $0.5120 in the future, and the price drops below this level for a closing trade, it’s likely that the downward trend will pick up pace. In such a scenario, the price could drop further and revisit the $0.50 support in the not too distant future.
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 – $0.5220 and $0.5120.
Major Resistance Levels – $0.5280 and $0.5300.
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2024-05-30 05:10