XRP’s selling pressure expanded after failing to top $0.5570, portending deeper losses down the line. While the cryptocurrency initially regained ground, topping slightly above said level, it struggled to sustain upward momentum. Bears reared their heads and drove the price lower, while bulls retreated in the face of weakening buying pressure.
Now circling depths below $0.5350 amid a bearish crossover of its 100-hour simple moving average, XRP seems poised to plunge further still should sellers breach a descending resistance line currently capping upside near $0.5320.
Only a swift reversal back above this metric, or reclaiming said barrier, promises respite from additional declines. The pair’s fate hinges on its ability to stem the selling tide and avoid succumbing to mounting downward pressure; otherwise, a sharp fall threatens to unfold.
Technical Indicators
The cryptocurrency dipped under the halfway Fibonacci retracement level and plunged beneath $0.5250 support as well as the 100-hour simple moving average. However, buyers are shielding the 61.8% Fibonacci retracement level, with the value now exceeding $0.5250 and the 100-hour simple moving average once more.
Right away, resistance is in the vicinity of $0.5310, while a connecting downward-sloping trendline forms resistance at $0.5320 on the hourly chart for the XRP/USD pair. Key resistances are proximate to $0.5350 and $0.5450, with a closure above the latter potentially propelling the price higher.
If XRP is unable to pierce the $0.5350 resistance zone, it could continue descending. Initial backing on the downside is near the $0.5250 level, a 100-hour simple moving average and the next major support exists at $0.5185.
If a downward close breaks below $0.5185, the price may gain bearish momentum, causing it to decline and test the $0.5065 support in the short term. As of late, the hourly MACD for XRP/USD has been trending downward.
In terms of hourly RSI (Relative Strength Index), the XRP/USD pair is currently trading below the 50 mark. The major support levels are $0.5250 and $0.5185, and the major resistance levels are $0.5350 and $0.5450.
Analysts Predict Returns
Supporters predict that the following months will yield big gains for patient holders, with evidence pointing to the possibility of record highs being revisited at last.
Cryptocurrency analyst “XRP Captain” envisions the digital asset breaking outwards and upwards to challenge $0.70 before mid-2024, given accumulating attention and strengthening market positions.
Ripple’s price is currently trading at $0.53, down 1.06% in the last 24 hours, but it has shown indications of recovery over the previous week, rising 6.67% vs peers. Still, sustaining such momentum demands backup from amplified trading activity and investment interest, two resources not yet markedly augmented according to the latest daily transaction volume figures, up just 3.25% yesterday.
