XRP Price Hints at Weekly High: Are Bears Ready to Take Over?
July 24 2024 - 12:08AM
NEWSBTC
XRP price started a downside correction from the $0.6220 zone. The
price declined below $0.600 and now consolidating above the $0.580
support. XRP price started a downside correction below the $0.600
zone. The price is now trading near $0.5950 and the 100-hourly
Simple Moving Average. There is a connecting bearish trend line
forming with resistance at $0.600 on the hourly chart of the
XRP/USD pair (data source from Kraken). The pair could continue to
rise if it clears the $0.600 resistance zone. XRP Price Corrects
Gains XRP price extended its increase above the $0.600 resistance.
However, it faced sellers near $0.6220 and recently started a
downside correction like Ethereum and Bitcoin. There was a move
below the $0.600 and $0.5950 levels. The price even tested $0.580.
A low is formed at $0.5802 and the price is now rising. There was a
move above the $0.590 level. The price climbed above the 23.6% Fib
retracement level of the recent decline from the $0.6232 swing high
to the $0.5802 low. The price is now trading near $0.5950 and the
100-hourly Simple Moving Average. If there is a fresh upward move,
the price could face resistance near the $0.600 level. There is
also a connecting bearish trend line forming with resistance at
$0.600 on the hourly chart of the XRP/USD pair. The trend line is
close to the 50% Fib retracement level of the recent decline from
the $0.6232 swing high to the $0.5802 low. The first major
resistance is near the $0.6050 level. The next key resistance could
be $0.6220. A clear move above the $0.6220 resistance might send
the price toward the $0.6350 resistance. The next major resistance
is near the $0.6500 level. Any more gains might send the price
toward the $0.680 resistance. More Losses? If XRP fails to clear
the $0.600 resistance zone, it could start another decline. Initial
support on the downside is near the $0.5850 level. The next major
support is at $0.580. If there is a downside break and a close
below the $0.580 level, the price might continue to decline toward
the $0.550 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 – $0.5850 and $0.5800.
Major Resistance Levels – $0.6000 and $0.6050.
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