XRP Price Dip: Should Investors See This as a Buying Chance?
02 Julio 2024 - 11:18PM
NEWSBTC
XRP price extended gains and tested the $0.4880 resistance zone.
The price corrected gains but the bulls are now protecting the
$0.4765 support. XRP price is correcting gains from the $0.4880
resistance zone. The price is now trading above $0.4750 and the
100-hourly Simple Moving Average. There was a spike below a
connecting bullish trend line with support at $0.4790 on the hourly
chart of the XRP/USD pair (data source from Kraken). The pair might
climb higher again if it stays above the $0.4765 support zone. XRP
Price Corrects Gains XRP price remained in a positive zone above
the $0.4740 resistance, unlike Bitcoin and Ethereum. The bulls were
able to push the price above $0.4840. However, the bears were
active near the $0.4880 resistance zone. A high was formed at
$0.4877 and the price recently started a downside correction. There
was a move below the $0.4820 and $0.4800 levels. The price even
spiked below the 50% Fib retracement level of the upward wave from
the $0.4694 swing low to the $0.4877 high. Besides, there was a
spike below a connecting bullish trend line with support at $0.4790
on the hourly chart of the XRP/USD pair. However, the bulls are now
active near the $0.4765 support and the 61.8% Fib retracement level
of the upward wave from the $0.4694 swing low to the $0.4877 high.
It is now trading above $0.4750 and the 100-hourly Simple Moving
Average. On the upside, the price is facing resistance near the
$0.4820 level. The first major resistance is near the $0.4840
level. The next key resistance could be $0.4880. A clear move above
the $0.4880 resistance might send the price toward the $0.50
resistance. The next major resistance is near the $0.5050 level.
Any more gains might send the price toward the $0.5250 resistance.
More Losses? If XRP fails to clear the $0.4820 resistance zone, it
could continue to move down. Initial support on the downside is
near the $0.4780 level. The next major support is at $0.4765 and
the 100-hourly Simple Moving Average. If there is a downside break
and a close below the $0.4765 level, the price might continue to
decline toward the $0.4650 support in the near term. Technical
Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in
the bearish zone. Hourly RSI (Relative Strength Index) – The RSI
for XRP/USD is now below the 50 level. Major Support Levels –
$0.4765 and $0.4740. Major Resistance Levels – $0.4840 and $0.4880.
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