4 July 2024
XRP price extended losses and tested the $0.4440 support zone. The price is correcting losses sharply and might soon retest the $0.4720 resistance.
XRP price is correcting losses from the $0.4440 support zone.
The price is now trading below $0.4650 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $0.480 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair might climb higher again if it stays above the $0.450 support zone.
XRP Price Revisits Support
XRP price struggled to clear the $0.4850 resistance and started a fresh decline, like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.470 support. There was a break below a key bullish trend line with support at $0.480 on the hourly chart of the XRP/USD pair.
The pair even declined heavily below the $0.4550 support level. However, the bulls protected the $0.4440 support level. A low was formed at $0.4439 and the price is now correcting losses. There was a recovery wave above the $0.4520 resistance.
The price climbed above the 23.6% Fib retracement level of the recent decline from the $0.4878 swing high to the $0.4439 low. It is now trading below $0.4650 and the 100-hourly Simple Moving Average.
On the upside, the price is facing resistance near the $0.4620 level. The first major resistance is near the $0.4650 level and the 50% Fib retracement level of the recent decline from the $0.4878 swing high to the $0.4439 low. The next key resistance could be $0.4720.
A clear move above the $0.4720 resistance might send the price toward the $0.4850 resistance. The next major resistance is near the $0.500 level. Any more gains might send the price toward the $0.5250 resistance.
Another Decline?
If XRP fails to clear the $0.4650 resistance zone, it could start another decline. Initial support on the downside is near the $0.4520 level.
The next major support is at $0.4440. If there is a downside break and a close below the $0.4440 level, the price might continue to decline toward the $0.4320 support in the near term.
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 – $0.4520 and $0.4440.
Major Resistance Levels – $0.4620 and $0.4650.