XRP Price Uphill Task: Can It Break Through the Resistance?
06 Setembro 2024 - 12:48AM
NEWSBTC
XRP price is consolidating above the $0.5400 level. The price must
clear the $0.5520 and $0.5600 resistance levels to start a recovery
wave. XRP price is struggling to gain pace for a move above the
$0.5550 zone. The price is now trading below $0.550 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $0.550 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair could decline
again if it fails to clear $0.5520 and $0.5600. XRP Price Faces
Resistance XRP price remained in a range below $0.5650 like Bitcoin
and Ethereum. There was a fresh decline, and the price retested the
$0.540 support zone. A low was formed at $0.5400 and the price is
now consolidating. There was a minor increase above the $0.5420
level. The price surpassed the 23.6% Fib retracement level of the
downward move from the $0.5647 swing high to the $0.5400 low.
However, the bears seem to be active near the $0.550 and $0.5520
levels. The price is now trading below $0.550 and the 100-hourly
Simple Moving Average. On the upside, the price might face
resistance near the $0.550 level. There is also a connecting
bearish trend line forming with resistance at $0.550 on the hourly
chart of the XRP/USD pair. The first major resistance is near the
$0.5550 level or the 76.4% Fib retracement level of the downward
move from the $0.5647 swing high to the $0.5400 low. The next key
resistance could be $0.5600. A clear move above the $0.5600
resistance might send the price toward the $0.5650 resistance. The
next major resistance is near the $0.5720 level. Any more gains
might send the price toward the $0.5880 resistance or even $0.600
in the near term. Another Decline? If XRP fails to clear the
$0.5550 resistance zone, it could start another decline. Initial
support on the downside is near the $0.5420 level. The next major
support is $0.5400. If there is a downside break and a close below
the $0.5400 level, the price might continue to decline toward the
$0.5320 support in the near term. The next major support sits at
$0.5250. 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 – $0.5400 and $0.5320. Major Resistance Levels –
$0.5500 and $0.5600.
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