Key Takeaways:
XRP price started a fresh decline from the $0.6360 resistance zone.
A contracting triangle is forming with resistance at $0.600 on the daily chart.
The price could see a downside thrust toward $0.5150 or even $0.500 before a fresh increase.
XRP price is struggling to settle above $0.600. The bears might target for more downsides before the bulls take a stand.
XRP Price Faces Many Challenges
In August 2024, XRP price made a couple of attempts to clear the $0.6350 and $0.6360 resistance levels. However, the bears remained active and protected a move toward $0.700. As a result, there was a bearish reaction below the $0.5850 support like Bitcoin and Ethereum.
There was a break below the $0.5620 support level and the 50-day simple moving average (blue). The price tested the 50% Fib retracement level of the upward move from the $0.4332 swing low to the $0.6430 high.
XRP price daily chart | Source: TradingView.com
XRP price is now showing a few bearish signs below the $0.5650 level and the 50-day simple moving average (blue). There is also a contracting triangle forming with resistance at $0.600 on the daily chart.
Immediate support is near the $0.5380 level. A downside break below the $0.5380 support might call for a drop toward the $0.5150 support or the triangle’s lower trend line. It is close to the 61.8% Fib retracement level of the upward move from the $0.4332 swing low to the $0.6430 high.
The next major support is seen near the $0.5020 level, below which the price could test $0.500 support. A downside break below the $0.500 support might set the pace for a fresh bearish wave. In the stated case, the price may decline toward the $0.4620 level or even $0.4330.
Another Increase?
Conversely, XRP price might attempt another increase. Immediate resistance is near the $0.580 level and the 50-day simple moving average (blue). The first major resistance is near the $0.600 zone and the triangle’s upper trend line.
To continue higher, the price must clear the triangle resistance and $0.600. The next key barrier sits near the $0.6350 and $0.6360 levels. A convincing move and close above the $0.6360 resistance zone could set the tone for more upsides. In the stated case, the price might climb and test the $0.680 resistance. Any more gains might open the doors for a test of $0.720.
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— Ripple (@Ripple) September 5, 2024
Overall, XRP price is struggling below $0.580 and the 50-day simple moving average (blue). If the bears remain in action, there could be a downside thrust toward $0.5150 or even $0.5020.
The post XRP Price Today: Shows Downside Signals, Is A Decline Unavoidable? appeared first on CoinChapter.
