XRP Price Still at Risk: Will It Face Another Downside Break?

Must read

XRP Price Still at Risk

XRP price started another decline after it failed to surpass the $0.530 resistance. The price is back below $0.5150 and showing a few bearish signs.

  • XRP struggled near $0.5300 and started a fresh decline.
  • The price is now trading below $0.5150 and the 100-hourly Simple Moving Average.
  • There was a break below a key contracting triangle with support at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bearish momentum if there is a close below $0.500.

XRP Price Turns Red

After a steady increase, XRP price faced resistance near the $0.530 zone. A high was formed at $0.5293 and the price started a downside correction like Bitcoin and Ethereum. The price declined below the $0.5220 level.

There was a move below the 50% Fib retracement level of the upward wave from the $0.4967 swing low to the $0.5293 high. Besides, there was a break below a key contracting triangle with support at $0.520 on the hourly chart of the XRP/USD pair.

The price is now trading below $0.5150 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5150 level. The first key resistance is near $0.520.

XRP Price
Source: XRPUSD on TradingView.com

A close above the $0.520 resistance zone could send the price higher. The next key resistance is near $0.5220. If the bulls push the price above the $0.5280 resistance level, there could be a fresh move toward the $0.5350 resistance. Any more gains might send the price toward the $0.550 resistance.

More Losses?

If XRP fails to clear the $0.5150 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5045 level or the 76.4% Fib retracement level of the upward wave from the $0.4967 swing low to the $0.5293 high. The next major support is at $0.500.

The main support is now near $0.4965. If there is a downside break and a close below the $0.4965 level, the price might accelerate lower. In the stated case, the price could drop and test the $0.4840 support in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.5040 and $0.5000.

Major Resistance Levels – $0.5150 and $0.5200.

Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

More articles

Latest article