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

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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