XRP Price Turns Red Again: What’s Next for the Crypto?

NewsBTC
Updated May 23, 2024 09:02
Mitrade

XRP price started a fresh decline after it failed near $0.5570. The price is now correcting gains and might decline heavily if it breaks the 100-hourly SMA.


■  XRP struggled near the $0.5570 zone and trimmed gains.

■  The price is now trading below $0.5350 and the 100-hourly Simple Moving Average.

■  There is a connecting bearish trend line forming with resistance at $0.5320 on the hourly chart of the XRP/USD pair (data source from Kraken).

■  The pair must stay above the 100-hourly SMA to avoid a sharp decline.


XRP Price Dips Again


After a steady increase, XRP price faced resistance near $0.5570. The price formed a short-term top and started a fresh decline from $0.5571, like Bitcoin and Ethereum.


There was a move below the $0.5420 level. The price dipped below the 50% Fib retracement level of the upward move from the $0.5065 swing low to the $0.5571 high. The price even spiked below the $0.5250 support and the 100-hourly Simple Moving Average.


However, the bulls are protecting the 61.8% Fib retracement level of the upward move from the $0.5065 swing low to the $0.5571 high. It is now trading above $0.5250 and the 100-hourly Simple Moving Average.


Immediate resistance is near the $0.5310 level. There is also a connecting bearish trend line forming with resistance at $0.5320 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5350. A close above the $0.5350 resistance zone could send the price higher.

XRP Price

The next key resistance is near $0.5450. If the bulls push the price above the $0.5450 resistance level, there could be a steady increase toward the $0.5570 resistance. Any more gains might send the price toward the $0.5650 resistance.


More Downsides?


If XRP fails to clear the $0.5350 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5250 level and the 100 hourly SMA.


The next major support is at $0.5185. If there is a downside break and a close below the $0.5185 level, the price might gain bearish momentum. In the stated case, the price could decline and test the $0.5065 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 – $0.5250 and $0.5185.

Major Resistance Levels – $0.5350 and $0.5450.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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