XRP Price Falls Below $0.50: Key Takeaways for the Market
05 Agosto 2024 - 12:28AM
NEWSBTC
XRP price is down over 15% and trading below $0.50. The price is
showing bearish signs and might struggle to recover above the
$0.520 resistance. XRP price traded below the $0.500 and $0.4850
support levels. The price is now trading below $0.4880 and the
100-hourly Simple Moving Average. There is a key bearish trend line
forming with resistance at $0.5180 on the hourly chart of the
XRP/USD pair (data source from Kraken). The pair could attempt a
steady recovery wave if it clears the $0.520 resistance zone. XRP
Price Dives Over 15% XRP price started a major decline below the
$0.500 support after Ethereum and Bitcoin nosedived. There was a
major decline below the $0.4850 support zone. The price tested the
$0.460 zone. A low is formed at $0.460 and the price is now
consolidating losses. It is showing a lot of bearish signs below
the 23.6% Fib retracement level of the downward move from the
$0.5767 swing high to the $0.460 low. The price is now trading
below $0.5880 and the 100-hourly Simple Moving Average. There is
also a key bearish trend line forming with resistance at $0.5180 on
the hourly chart of the XRP/USD pair. If there is a recovery wave,
the price could face resistance near the $0.4880 level. The first
major resistance is near the $0.500 level. The next key resistance
could be $0.5180 or the trend line or the 50% Fib retracement level
of the downward move from the $0.5767 swing high to the $0.460 low.
A clear move above the $0.520 resistance might send the price
toward the $0.5350 resistance. The next major resistance is near
the $0.5440 level. Any more gains might send the price toward the
$0.550 resistance or even $0.5650 in the near term. More Downsides?
If XRP fails to clear the $0.520 resistance zone, it could continue
to move down. Initial support on the downside is near the $0.4650
level. The next major support is at $0.460. If there is a downside
break and a close below the $0.460 level, the price might continue
to decline toward the $0.4350 support in the near term. The next
major support sits at $0.4250. Technical Indicators Hourly MACD –
The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now
below the 50 level. Major Support Levels – $0.4600 and $0.4500.
Major Resistance Levels – $0.5000 and $0.5200.
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