XRP Price Faces a Dip, Yet Uptrend Support Holds Firm
The price of XRP experienced some difficulty near the $0.6375 mark and is currently undergoing a correction. It is now trading around $0.540 and is expected to remain relatively stable unless it drops below $0.520.
- XRP price initiated a downward correction from the $0.6375 zone.
- The price is now trading below $0.580 and the 100-hourly Simple Moving Average.
- A bullish trend line connecting support at $0.580 was broken on the hourly chart of the XRP/USD pair (data sourced from Kraken).
- If the price falls below $0.540 and $0.520, it could see extended losses.
XRP Price Takes A Hit
Efforts to push XRP price further beyond the $0.6375 resistance zone proved to be challenging, resulting in a fresh decline. The price dropped below the $0.620 and $0.600 support levels, much like Ethereum and Bitcoin.
A bullish trend line connecting support at $0.580 was broken on the hourly chart of the XRP/USD pair. The pair further dropped below the $0.5650 support as well as the 100-hourly Simple Moving Average. It hit a low of $0.5404 and is now consolidating losses.
The price is currently trading below $0.600 and the 100-hourly Simple Moving Average. If there is a positive reversal, the price may encounter resistance near the $0.5640 level and the 23.6% Fib retracement level of the recent decline from the $0.6374 swing high to the $0.5404 low.
The first major resistance is anticipated to be near the $0.5850 level or the 50% Fib retracement level of the recent decline. The subsequent notable resistance level could be $0.600. A clear breakthrough of the $0.600 resistance could propel the price towards the $0.620 resistance. The next significant hurdle lies near the $0.6375 level. Further gains might eventually lead the price towards the $0.650 resistance mark.
More Downsides?
If XRP fails to overcome the $0.5850 resistance zone, it could continue its downward movement. Initial support on the downside is expected to be near the $0.540 level, with the next major support found at $0.520.
If a downside break occurs and the price closes below the $0.520 level, it might continue its decline towards the $0.50 support level in the near future.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is displaying increased bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.540 and $0.520.
Major Resistance Levels – $0.5850 and $0.6000.