XRP Bears In Control: Understanding the Sustained Bearish Sentiment

NewsBTC
Updated Jun 24, 2024 05:30
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XRP price struggled to recover above the $0.4880 resistance zone. The price is moving lower and the bears might aim for a move toward $0.4550.


■  XRP price faced another rejection near the $0.4880 resistance zone.

■  The price is now trading below $0.4850 and the 100-hourly Simple Moving Average.

■  There is a connecting bearish trend line forming with resistance at $0.4810 on the hourly chart of the XRP/USD pair (data source from Kraken).

■  The pair could extend losses if there is a close below the $0.4720 support zone.


XRP Price Extends Losses


XRP price attempted a recovery wave above the $0.4820 resistance zone. However, the bears were active near the $0.4880 resistance zone. A high was formed at $0.4884 and the price started a fresh decline like Bitcoin and Ethereum.


There was a move below the $0.4850 and $0.4800 levels. There was even a test of the $0.4720 support. A low was formed at $0.4722 and the price is now consolidating losses. It is also trading below $0.4850 and the 100-hourly Simple Moving Average.


If there is a fresh increase, the price might face hurdles near the $0.4765 level or the 23.6% Fib retracement level of the downward move from the $0.4884 swing high to the $0.4722 low.


The first major resistance is near the $0.4810 and $0.4820 levels. There is also a connecting bearish trend line forming with resistance at $0.4810 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $0.4884 swing high to the $0.4722 low.

XRP Price

A clear move above the $0.4820 resistance might send the price toward the $0.4880 resistance. The next major resistance is near the $0.50 level. A close above the $0.50 resistance zone could send the price higher. The next key resistance is near $0.5120. Any more gains might send the price toward the $0.5250 resistance.


More Losses?


If XRP fails to clear the $0.4820 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4720 level.


The next major support is at $0.4650. If there is a downside break and a close below the $0.4650 level, the price might decline heavily. In the stated case, the price could even trade below 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 – $0.4720 and $0.4650.

Major Resistance Levels – $0.4820 and $0.4880.

* 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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