XRP Price Temporary Bounce: Recovery Might Not Last

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As a seasoned crypto investor with experience in following XRP‘s price movements closely, I have seen the coin’s recent struggles to recover above the $0.4880 resistance. The XRP price has been on a downtrend since failing to sustain gains above this level, extending losses below the $0.480 support and even testing the $0.470 zone.

As a researcher observing the XRP market, I’ve noticed that the price has continued to decline and now hovers below the $0.50 mark. It recently dipped as low as the $0.4700 level during this downtrend. Presently, there are signs of a potential short-term recovery wave.

    XRP is slowly moving higher from the $0.470 support.
    The price is now trading below $0.4850 and the 100-hourly Simple Moving Average.
    There was a break above a connecting bearish trend line with resistance at $0.480 on the hourly chart of the XRP/USD pair (data source from Kraken).
    The pair could recover, but the bears might be active near the $0.4880 resistance.

XRP Price Finds Support

XRP’s price attempt to rise above the $0.4880 resistance, similar to Ethereum and Bitcoin, was unsuccessful. Instead, the price plunged below the $0.480 mark and even approached the $0.470 region. A new low of $0.4701 was reached, and now XRP is looking forward to a potential brief rebound.

The price surpassed the $0.4750 mark, going beyond the 23.6% Fibonacci resistance level following the downtrend from the $0.5053 peak to the $0.4701 trough.

As a crypto investor observing the XRP/USD pair’s hourly chart, I noticed an encouraging development: The price managed to surge above the connecting bearish trend line with a resistance level at $0.480. However, despite this bullish sign, the price is still struggling to hold above $0.4850 and remains below the 100-hour Simple Moving Average.

On the upside, the price is facing resistance near the $0.4850 level. The first key resistance is near $0.4880 or the 50% Fib retracement level of the downward move from the $0.5053 swing high to the $0.4701 low. The next major resistance is near the $0.4920 level.

As a crypto investor, if the price manages to break above the $0.4920 resistance level in my portfolio, I can expect it to surge higher towards the next significant resistance at $0.50. Should the price close above this hurdle, I would anticipate a gradual uptrend leading us to the next resistance point at $0.5050. Any further gains could potentially push the price upwards, aiming for the $0.5250 resistance.

More Losses?

As a researcher studying the price movements of XRP, I would observe that if XRP is unable to surmount the resistance zone at $0.4850, it might continue trending lower. A preliminary support level can be found around $0.4750 on the downside.

If we reach the next significant resistance at $0.470 in the future, and the price breaks down with a closing price below this level, it’s likely that the price will pick up pace and fall further. In such an instance, we may witness a decline that brings us back to the $0.4550 support level in the short term.

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 – $0.4750 and $0.4700.

Major Resistance Levels – $0.4850 and $0.4920.

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2024-06-12 07:16