As an analyst with over two decades of experience in the financial markets, I find myself analyzing the current state of XRP with a mix of concern and cautious optimism. The recent 5% dip below the $0.600 level is a clear sign that bears are still in control. However, it’s important to remember that every downturn in the market is just another opportunity for smart investors to buy low and sell high.
The price of XRP has continued to fall, reaching a potential support at approximately $0.5240. At the moment, it seems to be holding steady, indicating a possible pause in its progression. A new upward trend may find it challenging to commence from here.
- XRP price declined further below the $0.5850 zone.
The price is now trading below $0.580 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could struggle to recover above the $0.5950 and $0.600 resistance levels.
XRP Price Dips 5%
The price of XRP dipped further, falling below the $0.60 threshold, with a poorer performance compared to both Bitcoin and Ethereum. Remarkably, it also plunged significantly beneath the $0.5550 support level.
Currently, the price has formed a dip at $0.5231 and is currently holding its ground. There was a slight upward push past the $0.5350 mark, but it’s still hanging below the 23.6% Fibonacci retracement level stemming from the price peak at $0.6642 to the trough at $0.5231.
Currently, the price is being traded above $0.5550 and is also above its 100-hour Simple Moving Average. As it moves upward, potential obstacles for the price increase may appear around $0.5565. The initial significant resistance lies at approximately $0.5950 level.
On the hourly chart for XRP/USD, a potential bearish trend line is forming with an approximate resistance at $0.5950. This level aligns closely with the 50% Fibonacci retracement point of the recent price drop from the high of $0.6642 to the low of $0.5231. A break above $0.600 could indicate further resistance at $0.6120, while potential future gains may push the price up to $0.6250 or even $0.6320 in the near future.
More Losses?
If XRP cannot surpass the $0.5565 barrier, it may continue trending lower. A potential first line of defense on the decline lies around $0.530. The next significant support area can be found at approximately $0.5240.
If the price experiences a drop and falls below the $0.5240 mark, it could potentially slide down further towards the nearby $0.5050 support level in the short term. A significant support can be found around the $0.500 pivot point in the near future.
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 – $0.5240 and $0.5050.
Major Resistance Levels – $0.5565 and $0.5950.
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2024-10-03 07:16