XRP Price Rebound in Jeopardy: Recovery May Falter
June 10 2024 - 1:08AM
NEWSBTC
XRP price declined heavily from the $0.5250 resistance zone. It
tested the $0.4540 support zone and is now attempting to recover
above $0.4880. XRP is correcting losses above the $0.4820 and
$0.4840 levels. The price is now trading below $0.5050 and the
100-hourly Simple Moving Average. There is a connecting bullish
trend line forming with support at $0.4950 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair could dip
again if it stays below the $0.5050 resistance zone. XRP Price
Takes Hit XRP price started a major decline like Ethereum and
declined below the $0.50 support. The price even spiked below the
$0.4650 support zone. A low was formed at $0.4533 and the price is
now correcting losses. There was a move above the $0.470 and
$0.4750 resistance levels. The price climbed above the 50% Fib
retracement level of the downward move from the $0.5271 swing high
to the $0.4533 low. There is also a connecting bullish trend line
forming with support at $0.4950 on the hourly chart of the XRP/USD
pair. The pair is slowly moving above the 61.8% Fib retracement
level of the downward move from the $0.5271 swing high to the
$0.4533 low. However, it is still trading below $0.5050 and the
100-hourly Simple Moving Average. On the upside, the price is
facing resistance near the $0.500 level. The first key resistance
is near $0.5050. The next major resistance is near the $0.5120
level. A close above the $0.5120 resistance zone could send the
price higher. The next key resistance is near $0.5250. If there is
a close above the $0.5250 resistance level, there could be a steady
increase toward the $0.5320 resistance. Any more gains might send
the price toward the $0.550 resistance. Another Drop? If XRP fails
to clear the $0.5050 resistance zone, it could start another
decline. Initial support on the downside is near the $0.4950 level
and the trend line. The next major support is at $0.4900. If there
is a downside break and a close below the $0.490 level, the price
might accelerate lower. In the stated case, the price could decline
and retest the $0.4740 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 above the 50 level. Major Support Levels –
$0.4950 and $0.4900. Major Resistance Levels – $0.500 and $0.5050.
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