XRP Price Crashes Over 20%, Why Breakdown Looks Real Deal
August 18 2023 - 12:28AM
NEWSBTC
Ripple’s token price is down over 20% against the US Dollar. XRP
price is gaining bearish momentum and might revisit the $0.40 zone.
Ripple’s token price is moving lower from the $0.620 resistance
against the US dollar. The price is now trading below $0.55 and the
100 simple moving average (4 hours). There is a key bearish trend
line forming with resistance near $0.585 on the 4-hour chart of the
XRP/USD pair (data source from Kraken). The pair might continue to
decline toward the $0.42 and $0.40 levels. Ripple’s Token Price
Plunges To $0.40 After struggling to rise above the $0.65
resistance, Ripple’s XRP started a fresh decline against the US
Dollar. There was a strong decline below the $0.550 support zone,
similar to Bitcoin and Ethereum. The price is down over 20% and
there was even a spike below $0.420. A low is formed near $0.3994
and the price is now attempting a recovery wave. There was a wave
above the $0.45 resistance zone. The price climbed above the 23.6%
Fib retracement level of the downward move from the $0.6365 swing
high to the $0.3994 low. XRP is now trading below $0.55 and the 100
simple moving average (4 hours). There is also a key bearish trend
line forming with resistance near $0.585 on the 4-hour chart of the
XRP/USD pair. Initial resistance on the upside is near the $0.520
zone. It is close to the 50% Fib retracement level of the downward
move from the $0.6365 swing high to the $0.3994 low. The next major
resistance is near the $0.550 level. The main resistance is now
forming near the $0.585 zone and the trend line. Source: XRPUSD on
TradingView.com A successful break above the $0.585 resistance
level might send the price toward the $0.62 resistance or the 100
simple moving average (4 hours). Any more gains might call for a
test of the $0.650 resistance. Another Decline in XRP? If ripple
fails to clear the $0.550 resistance zone, it could start another
decline. Initial support on the downside is near the $0.480 zone.
The next major support is near $0.455. If there is a downside break
and a close below the $0.455 level, XRP’s price could extend
losses. In the stated case, the price could retest the $0.400
support zone. Technical Indicators 4-Hours MACD – The MACD for
XRP/USD is now gaining pace in the bearish zone. 4-Hours RSI
(Relative Strength Index) – The RSI for XRP/USD is now below the 50
level. Major Support Levels – $0.48, $0.455, and $0.400. Major
Resistance Levels – $0.520, $0.550, and $0.585.
Internet Computer (COIN:ICPUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Internet Computer (COIN:ICPUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024