XRP Price Ready for Bullish Spike: Fading Bearish Momentum and Solid Support
04 Julho 2024 - 1:28AM
NEWSBTC
XRP price extended losses and tested the $0.4440 support zone. The
price is correcting losses sharply and might soon retest the
$0.4720 resistance. XRP price is correcting losses from the $0.4440
support zone. The price is now trading below $0.4650 and the
100-hourly Simple Moving Average. There was a break below a key
bullish trend line with support at $0.480 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair might climb
higher again if it stays above the $0.450 support zone. XRP Price
Revisits Support XRP price struggled to clear the $0.4850
resistance and started a fresh decline, like Bitcoin and Ethereum.
The bears took control and pushed the price below the $0.470
support. There was a break below a key bullish trend line with
support at $0.480 on the hourly chart of the XRP/USD pair. The pair
even declined heavily below the $0.4550 support level. However, the
bulls protected the $0.4440 support level. A low was formed at
$0.4439 and the price is now correcting losses. There was a
recovery wave above the $0.4520 resistance. The price climbed above
the 23.6% Fib retracement level of the recent decline from the
$0.4878 swing high to the $0.4439 low. It is now trading below
$0.4650 and the 100-hourly Simple Moving Average. On the upside,
the price is facing resistance near the $0.4620 level. The first
major resistance is near the $0.4650 level and the 50% Fib
retracement level of the recent decline from the $0.4878 swing high
to the $0.4439 low. The next key resistance could be $0.4720. A
clear move above the $0.4720 resistance might send the price toward
the $0.4850 resistance. The next major resistance is near the
$0.500 level. Any more gains might send the price toward the
$0.5250 resistance. Another Decline? If XRP fails to clear the
$0.4650 resistance zone, it could start another decline. Initial
support on the downside is near the $0.4520 level. The next major
support is at $0.4440. If there is a downside break and a close
below the $0.4440 level, the price might continue to decline toward
the $0.4320 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 – $0.4520 and $0.4440.
Major Resistance Levels – $0.4620 and $0.4650.
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