XRP Price Correction Analysis 📉
Currently, XRP price is experiencing a correction in gains after encountering resistance at the $0.4880 level. Despite this, the price is still holding above $0.4750 and the 100-hourly Simple Moving Average, indicating some bullish momentum. A recent development saw a dip below a connecting bullish trend line with support at $0.4790 on the XRP/USD hourly chart sourced from Kraken. Moving forward, the price might see further upside if it manages to maintain above the $0.4765 support zone.
XRP Price Corrects Gains ⚖️
Compared to Bitcoin and Ethereum, XRP price has been relatively positive, staying above the $0.4740 resistance. Bulls successfully pushed the price above $0.4840, although encountering resistance near $0.4880. Following a high at $0.4877, the price initiated a downward correction, dropping below $0.4820 and $0.4800 levels. Additionally, a breach of a bullish trend line at $0.4790 was observed. Bulls are currently defending the $0.4765 support along with the 61.8% Fib retracement level from the recent swing low to high.
- If the price remains above $0.4750 and the 100-hourly Simple Moving Average, we could see a push towards resistance levels.
- Key obstacles in the uptrend include $0.4820, $0.4840, and potentially $0.4880.
- A breakthrough above $0.4880 might pave the way for a move towards $0.50 and beyond.
Potential for More Losses? 📉
In the event that XRP fails to surpass the $0.4820 resistance, we may witness further downward movements. Initial support lies at $0.4780, followed by critical support at $0.4765 and the 100-hourly Simple Moving Average. A breach of $0.4765 could lead to a decline towards the $0.4650 support level in the near future.
Technical Indicators 📊
- The hourly MACD for XRP/USD indicates a loss in bearish momentum.
- Hourly RSI (Relative Strength Index) currently sits below the 50 level, suggesting a neutral-to-bearish outlook.
- Significant support levels to watch include $0.4765 and $0.4740, while resistance levels stand at $0.4840 and $0.4880.
Hot Take: Stay Cautious Amid XRP Correction 🚨
As XRP undergoes a correction phase following a rejection at the $0.4880 level, it is crucial to monitor key support and resistance levels for potential trading opportunities. Keeping a close eye on critical levels and technical indicators can help you navigate market movements effectively. Exercise caution and implement risk management strategies to handle the volatility associated with crypto trading.
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