Struggling XRP Price Movement
As a crypto enthusiast, you are observing XRP’s struggle to initiate a fresh uptrend above the $0.5320 resistance level. Currently, the price is below $0.530 and the 100-hourly Simple Moving Average, hinting at further bearish momentum. On the hourly chart of the XRP/USD pair, there is a significant bearish trend line forming with resistance at around $0.5230, sourced from Kraken data. If the price remains below $0.5320, the pair may continue moving downwards.
XRP Price Dips Further
XRP price, mirroring the downward trend in Bitcoin and Ethereum, remained bearish in the short term. Bears successfully pushed the price below the crucial $0.5220 support level, leading to a test of the $0.5120 support zone. After hitting a low at $0.5126, the price is now striving for a fresh wave of recovery. It managed to surpass the $0.5165 level and climbed above the 23.6% Fib retracement level of the previous downward wave.
The price is currently still struggling below $0.530 and the 100-hourly Simple Moving Average. Resistance is visible near the $0.5220 level, with a significant bearish trend line forming near $0.5230 on the XRP/USD hourly chart. The primary resistance lies at $0.5265 or the 50% Fib retracement level, followed by a critical resistance at $0.5320. Breaking above this level could pave the way for a gradual upward movement towards $0.5450 and potentially even $0.5650.
More Downsides Ahead?
If XRP fails to breach the $0.5220 resistance level, there is a possibility of further downside movement. Initial support is anticipated around the $0.5150 mark, while a more substantial support level rests at $0.5120. A break below $0.5120 with a close below this level could result in a considerable downward momentum, potentially retesting the $0.50 support in the near future.
Technical Indicators
As per the technical indicators:
- Hourly MACD β The MACD for XRP/USD is showing signs of losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) β With the RSI for XRP/USD now below the 50 level, bearish sentiment seems prevalent.
- Major Support Levels β Key support levels to watch include $0.5120 and $0.500.
- Major Resistance Levels β Significant resistance levels are situated at $0.5220 and $0.5320.
Hot Take: Keeping a Close Watch on XRP
As you monitor XRP’s price movements, it is crucial to keep a close eye on key resistance and support levels. With the current struggle to break above $0.5320, potential further downside movements could test the $0.5120 support. Stay vigilant as the market dynamics evolve and technical indicators provide valuable insights into possible price actions in the near term.
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