💥💥💥 $XRP Price Dip: Should Investors See This as a Buying Chance?


#XRPPriceAnalysis : Correction and Support Levels

Current Market Overview:

- Resistance Testing: XRP tested the $0.4880 resistance zone before correcting.

- Support Levels: Found support at $0.4765.

- Current Position: Trading above $0.4750 and the 100-hourly Simple Moving Average (SMA).

Hourly Chart Analysis (Kraken Data):

- Trend Line Break: Observed a spike below a bullish trend line at $0.4790.

Support and Resistance:

- Immediate Support: $0.4765.

- Resistance Levels: $0.4820, $0.4840, and $0.4880.

Price Correction:

- Positive Zone: XRP remains above $0.4740.

- Resistance Zone Activity: Bears active near $0.4880, forming a high at $0.4877.

- Downside Correction: Price fell below $0.4820 and $0.4800, and spiked below the 50% Fib retracement level from $0.4694 to $0.4877.

Support and Fibonacci Levels:

- Support Activity: Bulls defending $0.4765 and the 61.8% Fib retracement level.

- Current Trading Levels: Above $0.4750 and the 100-hourly SMA.

Potential Upside Movement:

- Resistance Levels: Immediate at $0.4820; major at $0.4840 and $0.4880.

- Further Gains: A move above $0.4880 could push the price to $0.50, with additional resistance at $0.5050 and $0.5250.

Potential Downside Risks:

- Failure to Clear Resistance: Could lead to a downward move.

- Support Levels: Initial at $0.4780; major at $0.4765 and the 100-hourly SMA.

- Further Declines: A break below $0.4765 might lead to $0.4650.

Technical Indicators:

- Hourly #MACD : Losing pace in the bearish zone.

- Hourly #RSI : Below the 50 level.

Key Levels to Watch:

- Support: $0.4765 and $0.4740.

- Resistance: $0.4840 and $0.4880.

Summary:


XRP needs to clear the $0.4820 resistance for another potential climb, while holding above $0.4765 is crucial to prevent further losses.


Source - newsbtc.com

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