The XRP price experienced a significant decline from the $0.5250 resistance zone, testing the $0.4540 support level before attempting to recover above $0.4880. Currently, XRP is correcting losses above the $0.4820 and $0.4840 levels, trading below $0.5050 and the 100-hourly Simple Moving Average. A connecting bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair suggests the possibility of a further dip if the price remains below the $0.5050 resistance zone.
The recent decline in XRP price mirrored similar movements in Ethereum, dropping below $0.50 support and even reaching below the $0.4650 support zone before forming a low at $0.4533 and starting to correct losses. The price managed to climb above the $0.470 and $0.4750 resistance levels, with a potential upward trend indicated by the connecting bullish trend line and gradual movement above the 61.8% Fib retracement level. However, the price is still facing resistance near the $0.500 level, with major resistance levels expected at $0.5050 and $0.5120, followed by a potential increase towards the $0.5250 resistance if these levels are surpassed.
In the scenario where XRP fails to break through the $0.5050 resistance, it could see another decline, with initial support at $0.4950 and the trend line, followed by a major support level at $0.4900. A breakdown below $0.490 could lead to further decline and a retest of the $0.4740 support in the near future. The technical indicators show the hourly MACD losing pace in the bearish zone while the hourly RSI is above the 50 level, indicating mixed signals for XRP price movements.
Overall, the XRP price is currently in a phase of correction after a significant decline, with potential for further recovery if key resistance levels are surpassed. However, a failure to break through resistance could result in another downward movement towards major support levels. Traders and investors should monitor the price closely and consider these technical indicators when making trading decisions.
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