XRP Price Faces Challenges: Will It Overcome and Rise?
August 26 2024 - 1:28AM
NEWSBTC
XRP price is consolidating above the $0.5920 level. The price could
start a fresh increase if it clears the $0.6050 resistance zone.
XRP price is eyeing a fresh increase from the $0.5920 level. The
price is now trading below $0.600 and the 100-hourly Simple Moving
Average. There is a connecting bearish trend line forming with
resistance at $0.6020 on the hourly chart of the XRP/USD pair (data
source from Kraken). The pair could start a fresh increase if it
clears the $0.6050 resistance zone. XRP Price Aims Higher XRP price
attempted another increase above the $0.6150 level. The price was
able to clear the $0.6180 and $0.6220 resistance levels. However,
upsides were limited above $0.630 unlike Bitcoin and Ethereum. The
price traded as high as $0.6306 and trimmed most gains. It traded
as low as $0.5925 and is currently consolidating losses. There was
a minor increase above the $0.5950 level. However, the price is now
trading below $0.600 and the 100-hourly Simple Moving Average. If
there is a fresh increase, the price might face resistance near the
$0.60 level. There is also a connecting bearish trend line forming
with resistance at $0.6020 on the hourly chart of the XRP/USD pair.
It is close to the 23.6% Fib retracement level of the downward move
from the $0.6306 swing high to the $0.5925 low. The first major
resistance is near the $0.6050 level. The next key resistance could
be $0.6160 or the 61.8% Fib retracement level of the downward move
from the $0.6306 swing high to the $0.5925 low. A clear move above
the $0.6160 resistance might send the price toward the $0.630
resistance. The next major resistance is near the $0.6350 level.
Any more gains might send the price toward the $0.6550 resistance
or even $0.6880 in the near term. More Downsides? If XRP fails to
clear the $0.6050 resistance zone, it could another decline.
Initial support on the downside is near the $0.5920 level. The next
major support is at $0.5880. If there is a downside break and a
close below the $0.5880 level, the price might continue to decline
toward the $0.5650 support in the near term. The next major support
sits at $0.5550. 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 – $0.5920 and $0.5850. Major Resistance
Levels – $0.6050 and $0.6160.
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