XRP Price Facing Another Drop: Understanding The Key Drivers
26 Juni 2024 - 5:58AM
NEWSBTC
XRP price started a recovery wave from the $0.4620 support. The
price is now struggling to clear $0.4780 and might restart its
decline. XRP price is attempting a recovery wave from the $0.4620
support zone. The price is now trading below $0.4800 and the
100-hourly Simple Moving Average. There is a key bearish trend line
forming with resistance at $0.4770 on the hourly chart of the
XRP/USD pair (data source from Kraken). The pair might face
rejections near $0.4780 and $0.480. XRP Price Faces Resistance XRP
price extended losses below the $0.480 level like Bitcoin and
Ethereum. The price even spiked below $0.4650 and tested the
$0.4620 zone. A low was formed at $0.4619 and the price recently
started a recovery wave. There was an upward move above the $0.4700
and $0.4720 resistance levels. The price even surpassed the 50% Fib
retracement level of the downward wave from the $0.4885 swing high
to the $0.4620 low. However, the bears seem to be active near the
$0.4780 zone. They are protecting the 61.8% Fib retracement level
of the downward wave from the $0.4885 swing high to the $0.4620
low. There is also a key bearish trend line forming with resistance
at $0.4770 on the hourly chart of the XRP/USD pair. It is now
trading below $0.4800 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 $0.4800 level. A clear move
above the $0.4800 resistance might send the price toward the
$0.4885 resistance. The next major resistance is near the $0.5050
level. A close above the $0.5050 resistance zone could send the
price higher. The next key resistance is near $0.5250. Any more
gains might send the price toward the $0.5500 resistance. Another
Decline? If XRP fails to clear the $0.4800 resistance zone, it
could start another decline. Initial support on the downside is
near the $0.4685 level. The next major support is at $0.4620. If
there is a downside break and a close below the $0.4620 level, the
price might gain bearish momentum. In the stated case, the price
could even trade below the $0.450 support in the near term.
Technical Indicators Hourly MACD – The MACD for XRP/USD is now
losing pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for XRP/USD is now near the 50 level. Major
Support Levels – $0.4685 and $0.4620. Major Resistance Levels –
$0.4770 and $0.4800.
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