XRP Price Danger Zone: Key Support Levels to Watch
June 14 2024 - 12:08AM
NEWSBTC
XRP price failed to stay above the $0.4840 support zone. The price
declined and tested the $0.4750 support zone, and is now at risk of
more losses. XRP extended losses and traded below the $0.4840
support zone. The price is now trading below $0.4880 and the
100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $0.4880 on the hourly chart
of the XRP/USD pair (data source from Kraken). The pair could
recover, but the upside might be limited above the $0.4920
resistance. XRP Price Extend Losses XRP price failed to recover
above the $0.4950 resistance like Ethereum and Bitcoin. The price
started a fresh decline from the $0.4981 high. There was a move
below the $0.4880 and $0.4850 levels. The price declined below the
$0.480 level. A low was formed at $0.4746 and the price is now
consolidating losses. It is testing the 23.6% Fib retracement level
of the recent decline from the $0.4981 swing high to the $0.4746
low. The price is now trading below $0.4920 and the 100-hourly
Simple Moving Average. If the bulls protect the $0.4740 support,
there might be an upside correction. On the upside, the price is
facing resistance near the $0.4820 level. The first key resistance
is near $0.4850 or the 50% Fib retracement level of the recent
decline from the $0.4981 swing high to the $0.4746 low. There is
also a connecting bearish trend line forming with resistance at
$0.4880 on the hourly chart of the XRP/USD pair. The next major
resistance is near the $0.4950 level. A close above the $0.4950
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
$0.5320 resistance. More Downsides? If XRP fails to clear the
$0.4850 resistance zone, it could continue to move down. Initial
support on the downside is near the $0.4740 level. The next major
support is at $0.470. If there is a downside break and a close
below the $0.470 level, the price might gain bearish momentum. In
the stated case, the price could decline and retest the $0.450
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 – $0.4740 and $0.4700. Major
Resistance Levels – $0.4850 and $0.4920.
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