As a seasoned crypto investor with a knack for spotting market trends, I find myself once again faced with the familiar struggle of XRP price trying to break through the $0.600 resistance. My journey in this digital jungle has taught me that patience is often the key to success, and while I’m optimistic about the potential of XRP, the current chart suggests a period of consolidation might be on the cards.
The value of XRP once more found it challenging to surpass the $0.600 barrier, instead dipping down. Currently, it’s being tested by the support at $0.5840, potentially indicating a period of holding or stabilization ahead.
- XRP price is still struggling to clear the $0.600 resistance zone.
The price is now trading below $0.5920 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.5880 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.5920 and $0.600 resistance levels.
XRP Price Stuck Below $0.60
The price of XRP made another attempt to rise (similar to Bitcoin and Ethereum), surpassing the resistance points at $0.5850 and $0.5880. It even peaked slightly above $0.5920, but sellers became active around the $0.5960 mark.
Initially, a peak was reached at $0.5961, and then the price began a decline. It fell below not only $0.5920 but also $0.5880. Moreover, it sank beneath the 50% Fibonacci retracement line of the uptrend that started from the $0.5744 low and reached the $0.5961 high.
Currently, the XRP/USD pair’s price is below $0.5920 and beneath its 100-hour moving average. As it moves upward, potential obstacles may emerge near the $0.5880 mark. Additionally, a bearish trend line is forming with resistance at $0.5880 on the hourly chart for this pair, hinting at a possible downward trend.
Initially, a significant barrier lies around the $0.5920 mark. Following this, another crucial barrier could appear at $0.5960. If the price manages to breach the $0.5960 barrier, it may propel the price further upwards towards the $0.600 resistance. Further advancements might push the price towards the near-term resistances of $0.6050 or even $0.6120.
More Losses?
Should XRP struggle to surpass the resistance at approximately $0.5880, it may potentially continue its descent. A preliminary support point can be found around $0.5820. The next substantial support lies near $0.5800 and coincides with the 76.4% Fibonacci retracement level of the upward trend from the $0.5744 swing low to the $0.5961 peak.
If the price falls significantly and drops below the $0.5800 mark, it could potentially slide further to reach the nearby support at $0.5740 over the short term. The following significant support level can be found at $0.5650.
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 – $0.5800 and $0.5740.
Major Resistance Levels – $0.5880 and $0.5960.
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2024-09-27 07:34