A new slide began once the XRP Price Turns failed at around $0.5570. If prices fall below the 100-hourly simple moving average (SMA), it can signal a significant correction in the price.
- XRP struggled near the $0.5570 zone and trimmed gains.
- The price now trades below $0.5350 and the 100-hourly Simple Moving Average.
- A connecting bearish trend line is forming with resistance at $0.5320 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair must stay above the 100-hourly SMA to avoid a sharp decline.
XRP Price Dips Again
XRP Price Turns encountered resistance of over $0.5570 following a continuous rise. Like Bitcoin and Ethereum, the price temporarily peaked and began a new fall from $0.5571. Under the $0.5420 mark, a change occurred. The price fell below the $0.5571 high, half of the upward rise from the $0.5065 swing low at the Fibonacci retracement level. The price dived the 100-hourly simple moving average and the $0.5250 support level.
Nevertheless, the ascent from the $0.5065 swing low to the $0.5571 high is protected by the bulls at the 61.8% Fib retracement level. The price is higher than the 100-hourly Simple Moving Average and $0.5250. Close to the $0.5310 mark, there is immediate resistance. On the hourly chart of the XRP/USD pair, there is a connecting negative trend line building, with resistance at $0.5320. The initial critical resistance is close to $0.5350. The price can increase if it closes above the $0.5350 resistance zone.
The following significant level of resistance is close to $0.5450. A sustained rise toward the $0.5570 barrier level may be possible if the bulls successfully push the price over the $0.5450 resistance level. If the price rises, it can reach the $0.5650 barrier level.
More Downsides?
Continuing the decline is possible if XRP cannot break through the $0.5350 barrier level. The $0.5250 mark and the 100 hourly simple moving average provide initial downside support. At $0.5185, you’ll find the next significant support level. The bearish trend can intensify if prices close below the $0.5185 level after a damaging breach. Under the above circumstances, the price may fall, and the $0.5065 support level may soon be challenged.
Bullish Projections For XRP
Market analysts are becoming more enthusiastic about XRP’s price trend, which has attracted much attention. The XRP Price Turns is holding firm around the $0.5 mark despite its difficulties attaining the coveted $1. After years of accumulation, prominent XRP supporter and crypto expert ‘JackTheRippler’ on X forecasts that XRP is all set for an explosive surge. The crypto researcher shared a price chart showing the movement of XRP from 2017 to 2024 and highlighted signs that could indicate a possible surge to new heights.
This cryptocurrency may soon experience a breakout, says ‘XRP Captain,’ a member of the XRP community and crypto specialist. He revealed that before June 2024, XRP is expected to reach $0.7. The price of XRP fell 1.06 per cent yesterday, trading at $0.53, according to CoinMarketCap. The cryptocurrency has done decently over the previous week, gaining 6.67 per cent thanks to several small rallies.
Maintaining upward momentum and seeing more trading activity from investors is necessary for XRP to make a bullish breakout. The cryptocurrency’s daily trading volume has slightly increased by 3.25% over the past 24 hours, although it has not grown much.
