As a seasoned crypto investor, I’ve seen my fair share of market volatility, and the latest decline in XRP price is a reminder that the crypto market can be unpredictable at times. After a promising uptrend, XRP failed to surpass the $0.530 resistance level and started another correction.
XRP’s price dipped once again as it fell short of breaking through the $0.530 barrier. Currently, the price hovers around $0.5150, displaying some indicators of downward trend.
- XRP struggled near $0.5300 and started a fresh decline.
The price is now trading below $0.5150 and the 100-hourly Simple Moving Average.
There was a break below a key contracting triangle with support at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bearish momentum if there is a close below $0.500.
XRP Price Turns Red
Following a consistent rise, XRP‘s price encountered resistance around the $0.530 mark. A peak was reached at $0.5293, leading to a reversal in price direction similar to Bitcoin and Ethereum. The value subsequently dropped beneath the $0.5220 threshold.
As a researcher studying the price movements of the XRP/USD pair, I noticed that the price dipped below the 50% Fibonacci retracement level of the upward wave from the $0.4967 swing low to the $0.5293 high. Additionally, there was a significant breakdown beneath a key contracting triangle on the hourly chart, with support previously at $0.520.
As a researcher, I’ve observed that the price currently hovers below the $0.5150 mark and falls short of my 100-hour Simple Moving Average. A notable resistance lies in wait just above the $0.5150 level. The initial significant barrier to surmount is situated near $0.520.
Reaching a point very close to the $0.520 resistance mark could lead to an uptrend, with the next significant resistance level found around $0.5220. If the buying force manages to surpass the $0.5280 resistance barrier, there is a strong possibility for further growth up to $0.5350. Additional advances might propel the price towards the $0.550 resistance mark.
More Losses?
As a researcher studying the price movements of XRP, if it fails to surpass the resistance zone at $0.5150, there’s a possibility of further downward movement. The initial support levels can be found near $0.5045 or the 76.4% Fibonacci retracement level derived from the price swing between $0.4967 and $0.5293. A more significant support lies at $0.500.
As a crypto investor, if the price of my cryptocurrency reaches a key support level around $0.4965, I would keep a close eye on it. Should the price break below this level with a closing price lower than $0.4965, I’d prepare for potential further downside moves. In such a scenario, the next significant support at approximately $0.4840 could be tested in the near future.
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 – $0.5040 and $0.5000.
Major Resistance Levels – $0.5150 and $0.5200.
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2024-05-20 05:46