Crypto Alert: XRP Price at Risk of Significant Downturn
June 11 2024 - 1:28AM
NEWSBTC
XRP price failed to recover above the $0.5050 resistance zone. The
price is now moving lower and might gain bearish momentum below the
$0.480 support. XRP is gaining bearish momentum below the $0.500
support. The price is now trading below $0.500 and the 100-hourly
Simple Moving Average. There was a break below a connecting bullish
trend line with support at $0.4950 on the hourly chart of the
XRP/USD pair (data source from Kraken). The pair could decline
heavily if it breaks the $0.480 support zone. XRP Price Breaks
Support XRP price attempted a recovery wave above $0.4920 like
Ethereum and Bitcoin. The price climbed above the $0.500 resistance
zone, but the bears were active near $0.5050. A high was formed at
$0.5053 and the price is again moving lower. There was a move below
the $0.4980 and $0.4950 support levels. The price traded below the
23.6% Fib retracement level of the recovery wave from the $0.4533
swing low to the $0.5053 high. Besides, there was a break below a
connecting bullish trend line with support at $0.4950 on the hourly
chart of the XRP/USD pair. The pair is now trading just above the
50% Fib retracement level of the recovery wave from the $0.4533
swing low to the $0.5053 high. However, it is still trading below
$0.50 and the 100-hourly Simple Moving Average. On the upside, the
price is facing resistance near the $0.4920 level. The first key
resistance is near $0.4950. The next major resistance is near the
$0.500 level. A close above the $0.500 resistance zone could send
the price higher. The next key resistance is near $0.5050. If there
is a close above the $0.5050 resistance level, there could be a
steady increase toward the $0.5250 resistance. Any more gains might
send the price toward the $0.5350 resistance. More Losses? If XRP
fails to clear the $0.4950 resistance zone, it could continue to
move down. Initial support on the downside is near the $0.480
level. The next major support is at $0.4740. If there is a downside
break and a close below the $0.4740 level, the price might
accelerate lower. In the stated case, the price could decline and
retest the $0.4550 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 – $0.4800
and $0.4740. Major Resistance Levels – $0.4950 and $0.5050.
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