As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market volatility and price movements in XRP. The recent bearish trend has been a challenging one for XRP holders, including myself. The price dipped below the $0.4620 support and tested new lows, but I remain optimistic.
As a crypto investor, I’ve noticed that the XRP price has continued to slip, reaching a low of $0.4620. However, there are signs of recovery as the price attempts to rebound. If we manage to push past the resistance at $0.4825, the bulls may regain control and propel the price higher.
- XRP price remained in a bearish zone and tested the $0.4620 support zone.
The price is now trading below $0.4820 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.4785 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could recover steadily if there is a move above $0.4800 and $0.4820.
XRP Price Forms Support
As a crypto investor, I’ve observed that XRP‘s price has once again fallen short of breaking through the resistance at $0.4820. Following this setback, the price took a downturn similar to Bitcoin and Ethereum. The decline continued as the price dropped below key support levels at $0.480 and $0.4750. Surprisingly, there was even a brief dip below the previously strong support at $0.4650.
Despite reaching as low as $0.4619, the bulls showed signs of activity around the $0.4620 mark. A new low was formed, but the price has since rebounded and is in the process of recouping losses. The resistance levels at $0.4680 and $0.4720 were surmounted during an upward trend. Additionally, the 50% Fibonacci retracement level, which represents the halfway point of the downward move from the $0.4885 peak to the $0.4619 low, was overcome by the price.
The XRP/USD pair currently trades beneath the $0.4850 mark and its 100-hour moving average. On the positive side, there’s resistance around $0.4780 for the price. Additionally, a significant bearish trend line is emerging on the hourly chart with resistance at $0.4785 for XRP/USD.
The trend line lies fairly near the 61.8% Fibonacci retracement mark of the price drop, which started at $0.4885 and ended at $0.4619. The first notable resistance point is situated around $0.4825.
Moving past the $0.4825 barrier with clarity could propel the price towards the $0.4880 resistance. The upcoming significant resistance lies around $0.500. Overcoming this resistance could lead to further upward momentum, bringing the price close to $0.5250 – the next noteworthy resistance level. Further progress might push the price towards the $0.5500 resistance.
Another Decline?
Should XRP fall short of breaking through the $0.4825 resistance barrier, there’s a risk of another price drop. A potential floor in this scenario can be found around the $0.4680 mark.
If we reach the next significant resistance at $0.4620 in the future, and the price breaks down and closes below this level, there’s a possibility for further price decrease. In such a scenario, the price may drop even below the previous support of $0.450 in the short term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.4680 and $0.4620.
Major Resistance Levels – $0.4800 and $0.4825.
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2024-06-25 07:20