XRP Price Turns Red Again: What’s Next for the Crypto?
May 22 2024 - 10:28PM
NEWSBTC
XRP price started a fresh decline after it failed near $0.5570. The
price is now correcting gains and might decline heavily if it
breaks the 100-hourly SMA. XRP struggled near the $0.5570 zone and
trimmed gains. The price is now trading below $0.5350 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $0.5320 on the hourly chart
of the XRP/USD pair (data source from Kraken). The pair must stay
above the 100-hourly SMA to avoid a sharp decline. XRP Price Dips
Again After a steady increase, XRP price faced resistance near
$0.5570. The price formed a short-term top and started a fresh
decline from $0.5571, like Bitcoin and Ethereum. There was a move
below the $0.5420 level. The price dipped below the 50% Fib
retracement level of the upward move from the $0.5065 swing low to
the $0.5571 high. The price even spiked below the $0.5250 support
and the 100-hourly Simple Moving Average. However, the bulls are
protecting the 61.8% Fib retracement level of the upward move from
the $0.5065 swing low to the $0.5571 high. It is now trading above
$0.5250 and the 100-hourly Simple Moving Average. Immediate
resistance is near the $0.5310 level. There is also a connecting
bearish trend line forming with resistance at $0.5320 on the hourly
chart of the XRP/USD pair. The first key resistance is near
$0.5350. A close above the $0.5350 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 $0.5570 resistance. Any more gains might
send the price toward the $0.5650 resistance. More Downsides? If
XRP fails to clear the $0.5350 resistance zone, it could continue
to move down. Initial support on the downside is near the $0.5250
level and the 100 hourly SMA. The next major support is at $0.5185.
If there is a downside break and a close below the $0.5185 level,
the price might gain bearish momentum. In the stated case, the
price could decline and test the $0.5065 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 – $0.5250 and $0.5185. Major Resistance Levels –
$0.5350 and $0.5450.
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