XRP Price Dips: Another Setback or a Buying Opportunity?
27 May 2024 - 12:28PM
NEWSBTC
XRP price again struggled to continue higher above the $0.5450
resistance. It is now moving lower and might test the $0.512
support zone. XRP is showing a few bearish signs from the $0.5420
zone. The price is now trading below $0.5350 and the 100-hourly
Simple Moving Average. There was a break below a key contracting
triangle with support at $0.5360 on the hourly chart of the XRP/USD
pair (data source from Kraken). The pair could gain bearish
momentum if it stays below the $0.5420 resistance zone. XRP Price
Faces Rejection After a close above the $0.5320 level, XRP price
extended its increase like Bitcoin and Ethereum. However, the bears
were active near the $0.5420 resistance zone. A high was formed at
$0.5422 and the price started a downside correction. There was a
move below the $0.5320 support zone and the 23.6% Fib retracement
level of the upward move from the $0.5028 swing low to the $0.5422
high. Besides, there was a break below a key contracting triangle
with support at $0.5360 on the hourly chart of the XRP/USD pair.
The pair is now trading below $0.5350 and the 100-hourly Simple
Moving Average. Immediate resistance is near the $0.5320 level. The
first key resistance is near $0.5420. A close above the $0.5420
resistance zone could send the price higher. The next key
resistance is near $0.5450. If the bulls push the price above the
$0.5450 resistance level, there could be a steady increase toward
the $0.5550 resistance. Any more gains might send the price toward
the $0.5740 resistance. More Losses? If XRP fails to clear the
$0.5420 resistance zone, it could start another decline within the
range. Initial support on the downside is near the $0.5225 level
and the 50% Fib retracement level of the upward move from the
$0.5028 swing low to the $0.5422 high. The next major support is at
$0.5120. If there is a downside break and a close below the $0.5120
level, the price might gain bearish momentum. In the stated case,
the price could decline and retest the $0.5025 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 – $0.5225 and $0.5120. Major Resistance Levels –
$0.5320 and $0.5420.
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