XRP Price Slows Down: Will Bears Take Over or Bulls Fight Back?

Share This Post

XRP price is still trading in a range below the $0.550 level. The price is slowly moving lower and there could be more downsides below $0.520.

  • XRP price is still stuck in a range above the $0.5080 support.
  • The price is now trading below $0.5300 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $0.5285 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it clears the $0.5300 and $0.5320 resistance levels.

XRP Price Dips Further

XRP price failed to start a fresh increase above the $0.5350 resistance. It started another decline and traded below the $0.5250 support level.

However, losses were limited compared to Bitcoin and Ethereum. A low was formed at $0.5210 and the price is now consolidating losses. There was a minor increase within a range and the price climbed above the $0.5250 resistance.

The price cleared the 23.6% Fib retracement level of the downward wave from the $0.5354 swing high to the $0.5210 low. The price is now trading below $0.5320 and the 100-hourly Simple Moving Average.

If there is another increase, the price might face resistance near the $0.5300 level. There is also a connecting bearish trend line forming with resistance at $0.5285 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward wave from the $0.5354 swing high to the $0.5210 low.

XRP Price

The first major resistance is near the $0.5350 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5650 resistance or even $0.580 in the near term. The next major hurdle might be $0.600.

More Losses?

If XRP fails to clear the $0.5350 resistance zone, it could start another decline. Initial support on the downside is near the $0.5220 level. The next major support is near the $0.520 level.

If there is a downside break and a close below the $0.520 level, the price might continue to decline toward the $0.5150 support in the near term. The next major support sits near the $0.5080 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.5220 and $0.5200.

Major Resistance Levels – $0.5350 and $0.5450.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

BNB Coin Price Prediction 2024-2030: Will BNB Hit $1000 in 2024?

The post BNB Coin Price Prediction 2024-2030: Will BNB Hit $1000 in 2024 appeared first on Coinpedia Fintech News Story Highlights The Current price of Binance Coin is By the end of 2024, the BNB

Web3 Meets Classic RPG Adventure in Portal Fantasy

Portal Fantasy, a pixel RPG set to release in 2025, is giving players like Regina a sneak peek with its November demo on Steam Last Episode’s Quick Recap Fun, interactive, and strategic Web3

Helium Price Prediction 2024 – 2030: Will HNT Price Reclaim $10 Mark?

The post Helium Price Prediction 2024 – 2030: Will HNT Price Reclaim $10 Mark appeared first on Coinpedia Fintech News Story Highlights The live price of the Helium token is HNT price could claim

SushiSwap Price Prediction 2024, 2025: Will SUSHI Hit $2?

The post SushiSwap Price Prediction 2024, 2025: Will SUSHI Hit $2 appeared first on Coinpedia Fintech News As the tectonic plates shift in the crypto market, the bulls are on the cusp of starting an

Kadena (KDA) Price Prediction 2024, 2025, 2026-2030: Is KDA A Promising Investment For 2024?

The post Kadena (KDA) Price Prediction 2024, 2025, 2026-2030: Is KDA A Promising Investment For 2024 appeared first on Coinpedia Fintech News Story Highlights The live price of the Kadena token is

Chainlink 125% Target In Sight As Whale, On-Chain Activity Soar—Analyst

Chainlink (LINK) is currently experiencing significant momentum in the cryptocurrency market, leading to speculation that its value may increase to $30 in the near future LINK, which is currently