XRP Price Aims to Recover: Can It Reverse the Downtrend?

Bitcoin

XRP

NewsBTCOct 24, 2024 6:08 AM

XRP price extended losses and tested the $0.5120 zone. The price is now rising and might attempt to clear the $0.5320 resistance zone.

XRP price is correcting losses from the $0.5120 zone.
The price is now trading below $0.5400 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5350 resistance zone.

XRP Price Starts Fresh Increase

XRP price failed to start a fresh increase and extended losses below $0.5320, like Bitcoin and Ethereum. There was a move below the $0.530 and $0.5250 levels.

The price even dipped below $0.5200 and tested $0.5120. A low was at $0.5117 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5117 low.

There was a break above a connecting bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5400 and the 100-hourly Simple Moving Average.

On the upside, the price might face resistance near the $0.5350 level or the 50% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5117 low. The first major resistance is near the $0.5400 level.

The next key resistance could be $0.5420. A clear move above the $0.5420 resistance might send the price toward the $0.5485 resistance. Any more gains might send the price toward the $0.5550 resistance or even $0.5650 in the near term. The next major hurdle might be $0.5800.

Another Decline?

If XRP fails to clear the $0.5350 resistance zone, it could start another decline. Initial support on the downside is near the $0.5230 level. The next major support is near the $0.5200 level.

If there is a downside break and a close below the $0.5200 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits near the $0.5050 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

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

Major Support Levels – $0.5230 and $0.5200.

Major Resistance Levels – $0.5350 and $0.5420.

Reviewed byTony

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