XRP Price Fails To Ignite: Understanding The Downward Risks
June 28 2024 - 12:18AM
NEWSBTC
XRP price is attempting to recover above the $0.4700 resistance
zone. The price could decline again if it fails to clear the
$0.4825 resistance zone. XRP price is still struggling to gain pace
for a move above the $0.4800 resistance zone. The price is now
trading above $0.4720 and the 100-hourly Simple Moving Average.
There was a break above a crucial bearish trend line with
resistance at $0.4710 on the hourly chart of the XRP/USD pair (data
source from Kraken). The pair might gain bullish momentum if there
is a close above the $0.4825 resistance. XRP Price Attempts
Recovery XRP price attempted a recovery wave above the $0.470 level
like Bitcoin and Ethereum. The bulls were able to push the price
above $0.4720 to push the price in a short-term bullish zone. There
was a break above a crucial bearish trend line with resistance at
$0.4710 on the hourly chart of the XRP/USD pair. However, the pair
is now facing resistance near the $0.4770 level. A high was formed
at $0.4769 and the price is now consolidating losses. The price is
testing the 23.6% Fib retracement level of the upward move from the
$0.4660 swing low to the $0.4769 high. It is now trading above
$0.4720 and the 100-hourly Simple Moving Average. On the upside,
the price is facing resistance near the $0.4770 level. The first
major resistance is near the $0.4785 level. The main hurdle is now
near $0.4825. A clear move above the $0.4825 resistance might send
the price toward the $0.4880 resistance. The next major resistance
is near the $0.500 level. A close above the $0.500 resistance zone
could send the price higher toward $0.5120. Any more gains might
send the price toward the $0.5250 resistance. Another Decline? If
XRP fails to clear the $0.4770 resistance zone, it could start
another decline. Initial support on the downside is near the
$0.4740 level and the 100-hourly Simple Moving Average. The next
major support is at $0.470. If there is a downside break and a
close below the $0.4700 level, the price might continue to decline.
In the stated case, the price could even trade below the $0.4620
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 above the 50
level. Major Support Levels – $0.4700 and $0.4620. Major Resistance
Levels – $0.4770 and $0.4825.
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