As a researcher with a background in financial markets and experience in analyzing cryptocurrency price movements, I believe that XRP is currently experiencing a correction after failing to break through the resistance level at $0.5570. The price has dipped below the 100-hourly Simple Moving Average and is now trading near $0.5250.
XRP’s price slipped back into a downturn following its unsuccessful attempt to reach $0.5570. Currently, the price is adjusting its previous advance, with potential for significant downward movement if it breaches the 100-hour moving average.
- XRP struggled near the $0.5570 zone and trimmed gains.
The price is now trading below $0.5350 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.5320 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair must stay above the 100-hourly SMA to avoid a sharp decline.
XRP Price Dips Again
Following a consistent upward trend, the price of XRP encountered a roadblock around $0.5570. Subsequently, it established a temporary peak at $0.5571 before initiating a new downward trend, similar to Bitcoin and Ethereum.
The price took a dip and dropped beneath the $0.5420 mark, falling short of the 50% Fibonacci retracement line during the uptrend from the $0.5065 swing low to the $0.5571 peak. The decline also pushed the price below the $0.5250 support and the 100-hour Simple Moving Average.
The bulls are defending the 61.8% Fibonacci retracement level, currently at around $0.5250, from their previous price swing between $0.5065 and $0.5571. The bullish momentum has pushed the price above this key level and the 100-hour Simple Moving Average.
As a researcher studying the XRP/USD pair, I’ve noticed that the price is encountering significant resistance around the $0.5310 mark on the hourly chart. Additionally, there appears to be a bearish trend line developing with resistance at $0.5320. The initial resistance level lies at $0.5350. If we manage to break above this resistance zone in a closing price, it could potentially trigger further price increases.
If the price surmounts the $0.5450 barrier in the future, we may witness a continuous rise, potentially reaching the $0.5570 resistance. Further advancements could propel the price up to the $0.5650 resistance.
More Downsides?
Should XRP be unable to surpass the $0.5350 resistance point, there’s a possibility for it to keep declining. The first line of defense on the lower end lies at around $0.5250 and the 100-hour Simple Moving Average (SMA).
If we encounter a drop and the price falls below the $0.5185 mark, there’s a possibility of a strong downtrend emerging. Should this happen, the price may head towards the next significant support level at $0.5065.
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 – $0.5250 and $0.5185.
Major Resistance Levels – $0.5350 and $0.5450.
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2024-05-23 05:46