As a seasoned crypto investor with a knack for deciphering market trends, I can’t help but feel a sense of deja vu looking at the XRP price chart right now. It seems we are once again dancing to the same bearish tune that has been playing for quite some time.
The price of XRP has continued to fall, dipping below the $0.5650 support. This suggests a bearish trend that could potentially push the price down further, possibly even dropping below the $0.540 mark.
- XRP price started a fresh decline below the $0.600 zone.
The price is now trading below $0.5650 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.5560 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could attempt a recovery wave if it clears the $0.5650 resistance zone.
XRP Price Turns Red
The value of XRP struggled to remain above the $0.60 resistance level, instead slipping further downward in tandem with Bitcoin and Ethereum. This descent took it below the supports at $0.5650 and $0.5550, indicating a bearish trend.
The cost briefly touched the $0.5440 mark, forming a low there. Currently, it’s pausing to recover after experiencing losses. It’s aiming to push past the 23.6% Fibonacci retracement level of the recent downward trend from the peak at $0.5721 to the trough at $0.5440.
Currently, the price is lingering under $0.5650 and below its 100-hour moving average. Looking upwards, potential obstacles for the price increase lie around $0.5550. The primary resistance is anticipated near $0.5560, and there’s also a developing bearish trend line at this level on the hourly chart of XRP/USD.
The trend line is nearly touching the 50% Fibonacci retracement point from the recent drop, which started at the peak of $0.5721 and ended at the trough of $0.5440. The potential next barrier for upward movement could be around $0.5650. If the price manages to break through this resistance, it might push toward the previous resistance level at $0.5720.
Approaching next, a significant barrier for further increase lies around the $0.5840 mark. If growth continues, it may push the value up to the $0.5920 resistance level, or potentially even reach $0.60 in the short term.
More Losses?
If XRP doesn’t surpass the $0.5650 barrier, there might be a new drop. The first potential support can be found around $0.5440. A more substantial support lies at $0.5320.
Should a drop occur and the price falls beneath $0.5320, it could potentially trend lower towards the near-term support at $0.5220. The following significant support level is situated at $0.5150.
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 – $0.5440 and $0.5320.
Major Resistance Levels – $0.5560 and $0.5650.
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2024-09-02 07:34