🔥🔥🔥 $XRP Price Dips Again: What’s Causing The Continued Slide?
#XRPPrice Struggles and Potential Decline
The XRP price has struggled to break through the $0.480 resistance zone and is currently declining, potentially dropping below the $0.468 support level.
Key Points:
- Failed Gains: XRP couldn't extend gains above the $0.480 resistance and is now trading below $0.475 and the 100-hourly Simple Moving Average (SMA).
- Bearish Trend: A major bearish trend line forms resistance at $0.472 on the hourly chart (data source: Kraken).
- Possible Rejections: The pair might face rejections near $0.472 and $0.480.
Price Movement:
XRP attempted a recovery above $0.472, similar to #bitcoin☀️ and Ethereum , but faced resistance near $0.480. The price reached a high of $0.4797 before starting a fresh decline. It moved below $0.475 and $0.472, falling past the 50% Fib retracement level from $0.4619 to $0.4797. The price is now below $0.475 and the 100-hourly SMA, finding bids near the 61.8% Fib retracement level.
Resistance Levels:
- Initial resistance at $0.472.
- First major resistance at $0.475.
- Main hurdle at $0.480.
A clear move above $0.480 could push the price towards $0.485, with further resistance at $0.500. A close above $0.500 might lead to a rise to $0.512 and potentially $0.525.
Potential for More Losses:
- If XRP fails to clear the $0.472 resistance, it may continue to decline. Initial support is at $0.468, followed by major support at $0.462. A break below $0.462 could lead to further declines, possibly dropping below $0.432.
Technical Indicators:
- Hourly MACD: Gaining pace in the #BEARISH📉 zone.
- Hourly RSI: Below the 50 level.
- Major Support Levels: $0.468 and $0.462.
- Major Resistance Levels: $0.472 and $0.480.
In summary, XRP needs to break the $0.472 and $0.480 resistance levels to start a significant recovery. Failing to do so could result in continued declines, with key support at $0.462.
Source - newsbtc.com
