As a seasoned crypto investor with years of experience under my belt, I find myself closely watching the XRP price action. The current consolidation phase below the $0.60 barrier is reminiscent of a cat playing with a ball of yarn – it keeps teasing us with a potential breakout, only to pull back and prolong the tension.
The price of XRP has been confined within a narrow band, staying just beneath the $0.60 threshold. If the price drops and closes below the $0.5550 support level, it may experience further losses.
- XRP price started a consolidation phase below the $0.600 zone.
The price is now trading below $0.5750 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.570 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could attempt a recovery wave if it clears the $0.5750 resistance zone.
XRP Price Starts Consolidation
The price of XRP held steady above the $0.5550 barrier, similar to Bitcoin and Ethereum. However, a brief recovery surge occurred, only to falter. The price surpassed $0.5650 and even approached $0.5750, but soon dipped again.
The cost briefly touched its support at $0.5550, forming a new low at $0.5567. Now, it appears to be pausing as it recovers from its losses. It has moved above the 23.6% Fibonacci retracement level, which marks the recent downward trend from the peak of $0.5767 to the trough of $0.5567.
Currently, the price remains lower than $0.5750 and falls below the 100-hour Simple Moving Average. Potential resistance may be encountered around $0.5680. The primary resistance is seen at $0.570, with a bearish trend line forming at this level on the hourly XRP/USD chart. This indicates that the price might face an upward barrier near these levels.
The graph’s trajectory is almost touching the 61.8% Fibonacci retracement point from the recent drop, which started at the peak of $0.5767 and ended at the trough of $0.5567. If the price moves past the potential resistance at $0.5750, it could push further upwards to challenge the $0.5850 resistance. Beyond that, significant resistances can be found near the $0.6020 and $0.6160 levels, with possible future increases potentially pushing the price towards $0.6250 in the short term.
More Losses?
If XRP cannot surpass the $0.570 barrier, it might trigger another drop in its price. A potential floor for this decline could be around $0.560. Below that, significant support might be found at $0.5550.
If a drop occurs below $0.5550, the price could potentially fall further towards the nearby support at $0.5320 in the short term. A more significant level of potential support lies at $0.5120.
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 – $0.5600 and $0.5550.
Major Resistance Levels – $0.5700 and $0.5850.
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2024-08-30 07:34