XRP Price Shows Resilience: Is a Bold Move Around the Corner?

Bitcoin

Ethereum

XRP

NewsBTCSep 4, 2024 5:53 AM

XRP price extended losses and dived toward the $0.5320 support. The price remained well-bid and is currently attempting a fresh recovery above $0.550.

XRP price started a decent increase from the $0.5330 zone.
The price is now trading below $0.560 and the 100-hourly Simple Moving Average.
There is a new connecting bearish trend line forming with resistance at $0.5570 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could climb higher toward the $0.600 zone if it clears the $0.5620 resistance zone.

XRP Price Attempts Recovery

XRP price extended losses like Bitcoin and Ethereum. The price even dived below the $0.5440 support level. It tested the $0.5330 zone. A low was formed at $0.5333 and the price is now attempting a fresh recovery wave.

There was a move above the $0.5420 and $0.5440 resistance levels. The price was able to clear the 23.6% Fib retracement level of the downward move from the $0.5719 swing high to the $0.5333 low. It is also attempting a close above $0.5520.

The price is now trading well below $0.5750 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5550 level. The first major resistance is near the $0.5570 level. There is also a new connecting bearish trend line forming with resistance at $0.5570 on the hourly chart of the XRP/USD pair.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $0.5719 swing high to the $0.5333 low. The next key resistance could be $0.5720. A clear move above the $0.5720 resistance might send the price toward the $0.5850 resistance.

The next major resistance is near the $0.5920 level. Any more gains might send the price toward the $0.600 resistance or even $0.6060 in the near term.

Another Decline?

If XRP fails to clear the $0.5570 resistance zone, it could start another decline. Initial support on the downside is near the $0.5480 level. The next major support is at $0.5420.

If there is a downside break and a close below the $0.5420 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits at $0.520.

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 – $0.5420 and $0.5320.

Major Resistance Levels – $0.5570 and $0.5720.

Reviewed byTony

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