XRP Price On The Edge: Can It Survive and Start Fresh Increase
14 Agosto 2024 - 11:18PM
NEWSBTC
XRP price failed to climb above the $0.5850 resistance zone. The
price dipped and now shows a few bearish signs below the $0.5750
level. XRP price is struggling to climb above the $0.5850 level.
The price is now trading below $0.5750 and the 100-hourly Simple
Moving Average. There was a break below a key rising channel with
support at $0.5745 on the hourly chart of the XRP/USD pair (data
source from Kraken). The pair could start a fresh increase if it
clears the $0.580 resistance zone. XRP Price Dips To Support XRP
price remained stable near the $0.5650 level and attempted more
gains. However, it failed to clear the $0.5850 resistance and
started another decline like Bitcoin and Ethereum. There was a move
below the $0.580 and $0.5750 levels. The price dipped below the
23.6% Fib retracement level of the upward move from the $0.5457
swing low to the $0.5835 high. Besides, there was a break below a
key rising channel with support at $0.5745 on the hourly chart of
the XRP/USD pair. The price is now trading below $0.5750 and the
100-hourly Simple Moving Average. It is holding the 50% Fib
retracement level of the upward move from the $0.5457 swing low to
the $0.5835 high. On the upside, the price is facing hurdles near
the $0.5750 level. The first major resistance is near the $0.580
level. The next key resistance could be $0.5850. A clear move above
the $0.5850 resistance might send the price toward the $0.60
resistance. The next major resistance is near the $0.6150 level.
Any more gains might send the price toward the $0.6250 resistance
or even $0.6320 in the near term. More Losses? If XRP fails to
clear the $0.580 resistance zone, it could start another decline.
Initial support on the downside is near the $0.5650 level. The next
major support is at $0.560. If there is a downside break and a
close below the $0.5600 level, the price might continue to decline
toward the $0.550 support in the near term. The next major support
sits at $0.5350. 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 below the 50
level. Major Support Levels – $0.5600 and $0.5550. Major Resistance
Levels – $0.5800 and $0.5850.
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