XRP Price Trapped in a Tight Range: Will It Break Free?
29 Agosto 2024 - 11:18PM
NEWSBTC
ItXRP price remained in a tight range below the $0.60 barrier. The
price could extend losses if there is a close below the $0.5550
support zone. XRP price started a consolidation phase below the
$0.600 zone. The price is now trading below $0.5750 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $0.570 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair could attempt
a recovery wave if it clears the $0.5750 resistance zone. XRP Price
Starts Consolidation XRP price remained stable above the $0.5550
support like Bitcoin and Ethereum. The price attempted a recovery
wave, but it was short-lived. It climbed above the $0.5650 level
and tested $0.5750 before there was another decline. The price
retested the $0.5550 support. A low was formed at $0.5567 and the
price is now consolidating losses. It managed to rise above the
23.6% Fib retracement level of the recent decline from the $0.5767
swing high to the $0.5567 low. The price is still trading below
$0.5750 and the 100-hourly Simple Moving Average. On the upside,
the price might face resistance near the $0.5680 level. The first
major resistance is near the $0.570 level. There is also a
connecting bearish trend line forming with resistance at $0.570 on
the hourly chart of the XRP/USD pair. The trend line is close to
the 61.8% Fib retracement level of the recent decline from the
$0.5767 swing high to the $0.5567 low. The next key resistance
could be $0.5750. A clear move above the $0.5750 resistance might
send the price toward the $0.5850 resistance. The next major
resistance is near the $0.6020 level. Any more gains might send the
price toward the $0.6160 resistance or even $0.6250 in the near
term. More Losses? If XRP fails to clear the $0.570 resistance
zone, it could start another decline. Initial support on the
downside is near the $0.560 level. The next major support is at
$0.5550. If there is a downside break and a close below the $0.5550
level, the price might continue to decline toward the $0.5320
support in the near term. The next major support sits at $0.5120.
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 – $0.5600 and $0.5550. Major Resistance Levels –
$0.5700 and $0.5850.
Ripple (COIN:XRPUSD)
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Ripple (COIN:XRPUSD)
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