XRP Price Dips Again: What’s Causing The Continued Slide?
June 26 2024 - 11:18PM
NEWSBTC
XRP price struggled to recover above the $0.480 resistance zone.
The price is again moving lower and might drop below the $0.4680
support. XRP price failed to extend gains above the $0.4800
resistance zone. The price is now trading below $0.4750 and the
100-hourly Simple Moving Average. There is a major bearish trend
line forming with resistance at $0.4720 on the hourly chart of the
XRP/USD pair (data source from Kraken). The pair might again face
rejections near $0.4720 and $0.480. XRP Price Retreats XRP price
attempted a recovery wave above the $0.4720 level like Bitcoin and
Ethereum. However, the bears were active near the $0.480 resistance
zone. A high was formed at $0.4797 and the price started a fresh
decline. There was a move below the $0.4750 and $0.4720 levels. The
price declined below the 50% Fib retracement level of the upward
move from the $0.4619 swing low to the $0.4797 high. There is also
a major bearish trend line forming with resistance at $0.4720 on
the hourly chart of the XRP/USD pair. The price is now trading
below $0.4750 and the 100-hourly Simple Moving Average. However, it
is finding bids near the 61.8% Fib retracement level of the upward
move from the $0.4619 swing low to the $0.4797 high. On the upside,
the price is facing resistance near the $0.4720 level. The first
major resistance is near the $0.4750 level. The main hurdle is
still near $0.480. A clear move above the $0.480 resistance might
send the price toward the $0.4850 resistance. The next major
resistance is near the $0.500 level. A close above the $0.500
resistance zone could send the price higher. The next key
resistance is near $0.5120. Any more gains might send the price
toward the $0.5250 resistance. More Losses? If XRP fails to clear
the $0.4720 resistance zone, it could continue to move down.
Initial support on the downside is near the $0.4680 level. The next
major support is at $0.4620. If there is a downside break and a
close below the $0.4620 level, the price might continue to decline.
In the stated case, the price could even trade below the $0.4320
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 – $0.4680 and $0.4620. Major
Resistance Levels – $0.4720 and $0.4800.
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