XRP Price Grinds Lower: Searching for Support Amid Downtrend
May 30 2024 - 10:08PM
NEWSBTC
XRP price extended losses below the $0.5220 support zone. It tested
the $0.5120 support and now attempting another recovery wave toward
$0.550. XRP is struggling to start a fresh increase above the
$0.5320 resistance zone. The price is now trading below $0.530 and
the 100-hourly Simple Moving Average. There is a major bearish
trend line forming with resistance near $0.5230 on the hourly chart
of the XRP/USD pair (data source from Kraken). The pair could
continue to move down if the price stays below $0.5320. XRP Price
Dips Further XRP price remained in a short-term bearish zone like
Bitcoin and Ethereum. The bears were able to push the price below
the key support at $0.5220. Finally, the price tested the $0.5120
support zone. A low was formed at $0.5126 and the price is now
attempting a fresh recovery wave. There was a move above the
$0.5165 level. The price climbed above the 23.6% Fib retracement
level of the downward wave from the $0.5406 swing high to the
$0.5126 low. However, the price is still trading below $0.530 and
the 100-hourly Simple Moving Average. On the upside, the price is
facing resistance near the $0.5220 level. There is also a major
bearish trend line forming with resistance near $0.5230 on the
hourly chart of the XRP/USD pair. The first key resistance is near
$0.5265 or the 50% Fib retracement level of the downward wave from
the $0.5406 swing high to the $0.5126 low. A close above the
$0.5265 resistance zone could send the price higher. The next key
resistance is near $0.5320. If there is a close above the $0.5320
resistance level, there could be a steady increase toward the
$0.5450 resistance. Any more gains might send the price toward the
$0.5650 resistance. More Downsides? If XRP fails to clear the
$0.5220 resistance zone, it could continue to move down. Initial
support on the downside is near the $0.5150 level. 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 accelerate lower. In the
stated case, the price could decline and retest the $0.50 support
in the near term. 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 – $0.5120 and $0.500. Major Resistance
Levels – $0.5220 and $0.5320.
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024