24 June 2024
XRP price struggled to recover above the $0.4880 resistance zone. The price is moving lower and the bears might aim for a move toward $0.4550.
XRP price faced another rejection near the $0.4880 resistance zone.
The price is now trading below $0.4850 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance at $0.4810 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could extend losses if there is a close below the $0.4720 support zone.
XRP Price Extends Losses
XRP price attempted a recovery wave above the $0.4820 resistance zone. However, the bears were active near the $0.4880 resistance zone. A high was formed at $0.4884 and the price started a fresh decline like Bitcoin and Ethereum.
There was a move below the $0.4850 and $0.4800 levels. There was even a test of the $0.4720 support. A low was formed at $0.4722 and the price is now consolidating losses. It is also trading below $0.4850 and the 100-hourly Simple Moving Average.
If there is a fresh increase, the price might face hurdles near the $0.4765 level or the 23.6% Fib retracement level of the downward move from the $0.4884 swing high to the $0.4722 low.
The first major resistance is near the $0.4810 and $0.4820 levels. There is also a connecting bearish trend line forming with resistance at $0.4810 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $0.4884 swing high to the $0.4722 low.
A clear move above the $0.4820 resistance might send the price toward the $0.4880 resistance. The next major resistance is near the $0.50 level. A close above the $0.50 resistance zone could send the price higher. The next key resistance is near $0.5120. Any more gains might send the price toward the $0.5250 resistance.
More Losses?
If XRP fails to clear the $0.4820 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4720 level.
The next major support is at $0.4650. If there is a downside break and a close below the $0.4650 level, the price might decline heavily. In the stated case, the price could even trade below the $0.450 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.4720 and $0.4650.
Major Resistance Levels – $0.4820 and $0.4880.