As a researcher with experience in cryptocurrency market analysis, I’ve been closely monitoring the XRP price action. Based on the current trend, it appears that XRP is struggling to gain momentum above the $0.5150 and $0.5250 resistance levels. The price has extended losses below the crucial support at $0.5120 and is now trading below the 100-hourly Simple Moving Average.
The price of XRP has continued to decline, dipping beneath the $0.5120 support level. It previously touched the $0.5080 mark and is currently making an effort to rebound, aiming for a recovery up to $0.5350.
- XRP is struggling to start a fresh increase above the $0.5250 resistance zone.
The price is now trading below $0.5150 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could continue to move down if the price stays below $0.5250.
XRP Price Extends Losses
The value of XRP continued to trend bearishly in the short term, similar to Bitcoin and Ethereum. Despite efforts to rebound, the price slid further beneath the $0.5220 support level.
The price dipped below the $0.5120 support, reaching a low at $0.5080. However, it’s currently making an effort to rebound. We saw a rise above the $0.5120 mark and a climb beyond the 23.6% Fibonacci retracement level of the downtrend from the $0.5405 peak to the $0.5080 trough.
As I observe the market trends, the XRP/USD pair’s price remains below the $0.520 mark and the 100-hour Simple Moving Average. On the positive side, I notice that the price is encountering resistance at around $0.5180. Additionally, a significant bearish trend line can be spotted on the hourly chart, with resistance forming near the same level of $0.5180 for this pair.
The initial significant resistance lies around $0.5250, which is also the 50% Fibonacci retracement mark of the bearish trend that started from $0.5405 peak and ended at $0.5080 bottom. Overcoming this barrier could potentially push the price upwards. The subsequent key resistance can be found around $0.5320.
As a crypto investor, if we manage to break through and close above the $0.5320 resistance level, I believe we could see a steady upward trend towards the next resistance at $0.5450. Should we surpass this hurdle, the price might continue to climb, potentially reaching the $0.5650 resistance.
More Downsides?
As an analyst, if XRP doesn’t manage to surpass the $0.5180 resistance point, there’s a possibility of further price drops. A supportive floor can be found around the $0.5120 mark.
If the price falls and breaks below the $0.5080 mark, it’s likely that the downward trend will gain momentum. Consequently, a return to the $0.50 support level could be imminent.
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 – $0.5120 and $0.5080.
Major Resistance Levels – $0.5180 and $0.5250.
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2024-06-03 05:46