XRP Price Struggle Continues: Will It Find Support?

Source Newsbtc
Jun 3, 2024 02:28

XRP price extended losses below the $0.5120 support zone. It tested the $0.5080 zone and now attempting another recovery wave toward $0.5350.

  • XRP is struggling to start a fresh increase above the $0.5250 resistance zone.
  • The price is now trading below $0.5150 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to move down if the price stays below $0.5250.

XRP Price Extends Losses

XRP price remained in a short-term bearish zone like Bitcoin and Ethereum. The price struggled to start a recovery wave and extended losses below the $0.5220 support zone.

It even declined below the $0.5120 support. A low was formed at $0.5080 and the price is now attempting a fresh recovery wave. There was a move above the $0.5120 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5080 low.

However, the price is still trading below $0.520 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.5180 level. There is also a key bearish trend line forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair.

The first key resistance is near $0.5250 or the 50% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5080 low. A close above the $0.5250 resistance zone could send the price higher. The next key resistance is near $0.5320.

XRP Price

If there is a close above the $0.5320 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 $0.5180 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5120 level.

The next major support is at $0.5080. If there is a downside break and a close below the $0.5080 level, the price might accelerate lower. 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 losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.5120 and $0.5080.

Major Resistance Levels – $0.5180 and $0.5250.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Fed’s Barkin wants more evidence on inflation before rate cutsThomas Barkin, President of the Federal Reserve Bank of Richmond stressed the need for further clarity on the inflation path before considering lowering interest rates."My personal view is let’s get m
Author  Investing.com
Thomas Barkin, President of the Federal Reserve Bank of Richmond stressed the need for further clarity on the inflation path before considering lowering interest rates."My personal view is let’s get m
placeholder
US S&P Global PMIs Preview: Economic expansion set to extend into June S&P Global preliminary PMIs are expected to confirm ongoing expansion in the US private sector’s business activity in June.
Author  FXStreet
S&P Global preliminary PMIs are expected to confirm ongoing expansion in the US private sector’s business activity in June.
placeholder
Prominent fund manager cuts his Nvidia stakeSeasoned tech investor Paul Wick of Seligman Investments has been reducing his holdings in Nvidia Corp . (NASDAQ:NVDA) recently, voicing doubts about the company’s future earnings growth, Bloomberg
Author  Investing.com
Seasoned tech investor Paul Wick of Seligman Investments has been reducing his holdings in Nvidia Corp . (NASDAQ:NVDA) recently, voicing doubts about the company’s future earnings growth, Bloomberg
placeholder
EUR/USD falls sharply after weak Eurozone PMIsEUR/USD faces selling pressure in Friday’s European session due to multiple headwinds.
Author  FXStreet
EUR/USD faces selling pressure in Friday’s European session due to multiple headwinds.
placeholder
Morgan Stanley adjusts its US Model portfolioInvesting.com - In a strategy update released on Thursday, Morgan Stanley (NYSE:MS) made significant alterations to its US Model Portfolio.The changes include adding Cummins Inc (NYSE:CMI) due t
Author  Investing.com
Investing.com - In a strategy update released on Thursday, Morgan Stanley (NYSE:MS) made significant alterations to its US Model Portfolio.The changes include adding Cummins Inc (NYSE:CMI) due t
goTop
quote