4 October 2024
XRP price extended losses and tested the $0.5080 support level. The price is now consolidating and might aim for a recovery toward the $0.580 resistance.
XRP price declined further below the $0.5250 zone.
The price is now trading below $0.5450 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could struggle to recover above the $0.5650 and $0.5800 resistance levels.
XRP Price Extends Losses
XRP price extended its decline below the $0.580 level, underperforming Bitcoin and Ethereum. The price even declined heavily below the $0.5450 support zone.
A low was formed at $0.5070 and the price is now consolidating losses. There was a minor move above the $0.5150 level. The price is still well below the 23.6% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low.
The price is now trading above $0.5450 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5440 level. The first major resistance is near the $0.5550 level.
The next key resistance could be $0.5800. There is also a key bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low.
A clear move above the $0.5850 resistance might send the price toward the $0.600 resistance. Any more gains might send the price toward the $0.6120 resistance or even $0.6250 in the near term.
Another Decline?
If XRP fails to clear the $0.5440 resistance zone, it could start another decline. Initial support on the downside is near the $0.5150 level. The next major support is near the $0.5080 level.
If there is a downside break and a close below the $0.5080 level, the price might continue to decline toward the $0.4920 support in the near term. The next major support sits near the $0.4850 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 – $0.5150 and $0.5080.
Major Resistance Levels – $0.5440 and $0.5850.