XRP price recently failed to maintain above the crucial support level of $0.4840. This resulted in a decline in price, testing the $0.4750 support zone. Currently, XRP is trading below the $0.4880 level and the 100-hourly Simple Moving Average. Additionally, there is a bearish trend line forming with resistance at $0.4880 on the hourly chart of the XRP/USD pair. The potential for more losses looms as the pair could struggle to surpass the $0.4920 resistance in the near future.
XRP price faced resistance at the $0.4950 level and failed to recover as successfully as Ethereum and Bitcoin. The price initiated a fresh decline from the $0.4981 high, leading to a decrease below the $0.4880 and $0.4850 levels. After dipping below $0.480, a low point of $0.4746 was reached, followed by a consolidation phase. Currently, the price is undergoing a test of the 23.6% Fib retracement level from the recent swing high to the low point. In order for a potential upside correction to occur, it is imperative for the bulls to defend the $0.4740 support level.
If there is a successful defense of the $0.4740 support, the price may encounter resistance near $0.4820. The first major resistance level is around $0.4850, followed by the 50% Fib retracement level near $0.4850. An additional bearish trend line with resistance at $0.4880 poses a challenge for the price to overcome. In the event of a close above the $0.4950 resistance zone, the price could experience an upward trajectory towards $0.5050, and potentially even higher levels such as $0.5250 and $0.5320. Conversely, failure to breach the $0.4850 resistance zone could result in further downside movement. Initial support is expected at the $0.4740 level, with a critical level at $0.470. A breakdown and close below $0.470 could indicate a shift towards bearish momentum, potentially targeting the $0.450 support level in the short term.
The hourly MACD for XRP/USD is currently trending in the bearish zone, signaling a negative sentiment. Additionally, the hourly RSI for XRP/USD has dropped below the 50 level, indicating a potential bearish momentum. Key support levels to monitor include $0.4740 and $0.4700, while major resistance levels to watch out for are $0.4850 and $0.4920.
The XRP price movement is currently at a critical juncture, with immediate support and resistance levels playing a crucial role in determining the future direction of the price. Traders and investors should closely monitor these levels and technical indicators to make informed decisions regarding their XRP holdings.
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