XRP Price Plunges by Over 15%
The XRP price recently experienced a significant drop, falling below the key support levels of $0.500 and $0.4850. Following a nosedive in both Ethereum and Bitcoin prices, XRP also saw a major decline below $0.4850.
As a result of this drop, the price tested the $0.460 zone and a low was established at $0.460. Currently, the price is consolidating its losses and displaying bearish signals below the 23.6% Fibonacci retracement level of the downward movement from the $0.5767 swing high to the $0.460 low.
Furthermore, XRP is now trading below $0.4880 and the 100-hourly Simple Moving Average, with a significant bearish trend line forming resistance at $0.5180 on the hourly chart of the XRP/USD pair. In the event of a potential recovery, the price may encounter resistance around the $0.4880 level.
Possible Further Downside for XRP Price
If XRP fails to surpass the $0.520 resistance zone, the price could continue its downward trajectory. Initial support is seen near the $0.4650 level, with a major support level at $0.460.
In the scenario of a downside break and subsequent close below the $0.460 level, the price might further decline towards the $0.4350 support level in the short term, followed by a major support level at $0.4250.
Technical Indicators for XRP
Key technical indicators for XRP’s price movement include:
- Hourly MACD – The MACD for XRP/USD is currently indicating an increase in bearish momentum.
- Hourly RSI – The Relative Strength Index for XRP/USD has dipped below the 50-level, reflecting a bearish sentiment in the market.
- Major Support Levels – $0.4600 and $0.4500.
- Major Resistance Levels – $0.5000 and $0.5200.
Wrapping Up the XRP Price Analysis
The recent price action of XRP indicates a significant decline, with the price falling below crucial support levels. Despite attempts at consolidation, the bearish trend remains strong, with a potential for further downside if key resistance levels are not breached.
It is essential for investors to closely monitor the price movements and key indicators to gauge the future direction of XRP’s price. The market sentiment is currently bearish, and caution is advised when considering any trading decisions regarding XRP.
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