💥💥💥 $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
