XRP Price Analysis: Will it Rebound or Continue to Decline?

XRP Price Analysis: Will it Rebound or Continue to Decline?

XRP price failed to stay above the $0.4840 support zone, leading to a decline that tested the $0.4750 support zone. Currently, XRP is at risk of further losses as it trades below $0.4880 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line with resistance at $0.4880 on the hourly chart of the XRP/USD pair, indicating that the price might face challenges in gaining momentum.

XRP price failed to recover above the $0.4950 resistance, unlike Ethereum and Bitcoin. The price initiated a fresh decline from the $0.4981 high, breaking below key support levels such as $0.4880, $0.4850, and $0.480. Currently, it is testing the 23.6% Fib retracement level of the recent decline, with the price trading below $0.4920 and the 100-hourly Simple Moving Average.

If the bulls manage to defend the $0.4740 support level, there might be a chance for an upside correction. However, the price will face resistance near $0.4850 and $0.4920. The crucial levels to watch are $0.4950 and $0.5050 – a close above these levels could trigger a bullish momentum towards $0.5250 and $0.5320. On the other hand, if XRP fails to clear the $0.4850 resistance zone, it could continue its downward trend. The initial support lies at $0.4740, followed by a major support at $0.470. A breakthrough and close below $0.470 may indicate a bearish trend, potentially retesting the $0.450 support in the near term.

– Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bearish zone.
– Hourly RSI: The RSI for XRP/USD is below the 50 level, indicating a bearish sentiment among traders.

XRP is currently at a critical juncture with key support and resistance levels in play. The price action in the coming days will largely depend on whether the bulls can defend the support levels or if the bears take control leading to further declines. Traders are advised to closely monitor the $0.4850 and $0.4950 levels for potential breakout scenarios that could determine the future direction of XRP’s price movement.


Articles You May Like

Unveiling the Expertise of Aayush Jindal in Financial Markets
XRP Whale Accumulation Signals Bullish Sentiment
The Impact of Regulatory Changes on Cryptocurrency Exchanges in Nigeria
Coinbase, Ripple, and Andreessen Horowitz Attend RNC and DNC to Advocate for Crypto Policies

Leave a Reply

Your email address will not be published. Required fields are marked *