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NewsBTC 2024-06-24 04:29:42

XRP Bears In Control: Understanding the Sustained Bearish Sentiment

XRP Bears In Control: Understanding the Sustained Bearish Sentiment

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. 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.

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