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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

XRP Price Dips: Another Setback or a Buying Opportunity?

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XRP price again struggled to continue higher above the $0.5450 resistance. It is now moving lower and might test the $0.512 support zone.

  • XRP is showing a few bearish signs from the $0.5420 zone.
  • The price is now trading below $0.5350 and the 100-hourly Simple Moving Average.
  • There was a break below a key contracting triangle with support at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bearish momentum if it stays below the $0.5420 resistance zone.

XRP Price Faces Rejection

After a close above the $0.5320 level, XRP price extended its increase like Bitcoin and Ethereum. However, the bears were active near the $0.5420 resistance zone.

A high was formed at $0.5422 and the price started a downside correction. There was a move below the $0.5320 support zone and the 23.6% Fib retracement level of the upward move from the $0.5028 swing low to the $0.5422 high.

Besides, there was a break below a key contracting triangle with support at $0.5360 on the hourly chart of the XRP/USD pair. The pair is now trading below $0.5350 and the 100-hourly Simple Moving Average.

XRP Price

Immediate resistance is near the $0.5320 level. The first key resistance is near $0.5420. A close above the $0.5420 resistance zone could send the price higher. The next key resistance is near $0.5450. If the bulls push the price above the $0.5450 resistance level, there could be a steady increase toward the $0.5550 resistance. Any more gains might send the price toward the $0.5740 resistance.

More Losses?

If XRP fails to clear the $0.5420 resistance zone, it could start another decline within the range. Initial support on the downside is near the $0.5225 level and the 50% Fib retracement level of the upward move from the $0.5028 swing low to the $0.5422 high.

The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might gain bearish momentum. In the stated case, the price could decline and retest the $0.5025 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 – $0.5225 and $0.5120.

Major Resistance Levels – $0.5320 and $0.5420.

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