XRP Price Faces a Dip, Yet Uptrend Support Holds Firm
July 18 2024 - 11:48PM
NEWSBTC
XRP price struggled near $0.6375 and corrected gains. The price is
now trading near $0.540 and might remain stable unless it dives
below $0.520. XRP price started a downside correction from the
$0.6375 zone. The price is now trading below $0.580 and the
100-hourly Simple Moving Average. There was a break below a
connecting bullish trend line with support at $0.580 on the hourly
chart of the XRP/USD pair (data source from Kraken). The pair could
extend losses if there is a move below $0.540 and $0.520. XRP Price
Takes A Hit XRP price struggled to continue higher above the
$0.6375 resistance zone and started a fresh decline. The price
declined below the $0.620 and $0.600 support levels, like Ethereum
and Bitcoin. There was a break below a connecting bullish trend
line with support at $0.580 on the hourly chart of the XRP/USD
pair. The pair even declined below the $0.5650 support and the
100-hourly Simple Moving Average. A low is formed at $0.5404 and
the price is now consolidating losses. The price is now trading
below $0.600 and the 100-hourly Simple Moving Average. If there is
a fresh upward move, the price could face resistance near the
$0.5640 level and the 23.6% Fib retracement level of the recent
decline from the $0.6374 swing high to the $0.5404 low. The first
major resistance is near the $0.5850 level or the 50% Fib
retracement level of the recent decline from the $0.6374 swing high
to the $0.5404 low. The next key resistance could be $0.600. A
clear move above the $0.600 resistance might send the price toward
the $0.620 resistance. The next major resistance is near the
$0.6375 level. Any more gains might send the price toward the
$0.650 resistance. More Downsides? If XRP fails to clear the
$0.5850 resistance zone, it could continue to move down. Initial
support on the downside is near the $0.540 level. The next major
support is at $0.520. If there is a downside break and a close
below the $0.520 level, the price might continue to decline toward
the $0.50 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 – $0.540 and $0.520.
Major Resistance Levels – $0.5850 and $0.6000.
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