XRP Price at Risk: Will It Sink or Swim at Key Support Levels?
May 28 2024 - 10:08PM
NEWSBTC
XRP price is moving lower below $0.5350 support zone. It is now
testing key support at $0.5220 and remains at risk of more
downsides. XRP is struggling to gain bullish momentum above the
$0.5350 resistance zone. The price is now trading below $0.530 and
the 100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance near $0.5265 on the hourly chart
of the XRP/USD pair (data source from Kraken). The pair could start
a fresh increase unless the bears push the price below $0.5220. XRP
Price Revisits Support In the past two sessions, XRP price saw a
bearish move below the $0.5320 zone like Bitcoin and Ethereum. The
price declined below the $0.5250 support zone before the bulls
emerged. A low was formed at $0.5212 and the price is now
consolidating losses. It made a recovery attempt above the 23.6%
Fib retracement level of the downward move from the $0.5405 swing
high to the $0.5212 low. However, the bears are active near the
$0.5300 zone. There is also a connecting bearish trend line forming
with resistance near $0.5265 on the hourly chart of the XRP/USD
pair. The price is now trading below $0.530 and the 100-hourly
Simple Moving Average. Immediate resistance is near the $0.5265
level. The first key resistance is near $0.5320 or the 61.8% Fib
retracement level of the downward move from the $0.5405 swing high
to the $0.5212 low. A close above the $0.5320 resistance zone could
send the price higher. The next key resistance is near $0.540. If
there is a close above the $0.540 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 $0.5320 resistance zone, it could
continue to move down. Initial support on the downside is near the
$0.5220 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
gain bearish momentum. 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 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 – $0.5220
and $0.5120. Major Resistance Levels – $0.530 and $0.5320.
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