XRP Price Dips To Support, Can It Bounce Back And Restart Increase?



XRP
price
started
a
fresh
decline
from
the
$0.5320
resistance
zone.
It
is
now
testing
the
$0.5180
support
and
might
even
test
the
$0.5120
support
zone.

  • XRP
    failed
    near
    $0.5320
    and
    started
    a
    downside
    correction.
  • The
    price
    is
    now
    trading
    below
    $0.5250
    and
    the
    100-hourly
    Simple
    Moving
    Average.
  • There
    is
    a
    connecting
    bearish
    trend
    line
    forming
    with
    resistance
    near
    $0.5250
    on
    the
    hourly
    chart
    of
    the
    XRP/USD
    pair
    (data
    source
    from
    Kraken).
  • The
    pair
    could
    dip
    further
    if
    it
    stays
    below
    the
    $0.5250
    resistance
    zone.

XRP
Price
Dips
Again

XRP
price
extended
its
increase
above
the
$0.5265
level
like

Bitcoin
and

Ethereum.
The
price
even
spiked
above
the
$0.5300
level
before
the
bears
appeared.

A
high
was
formed
at
$0.5325
and
the
price
started
a
downside
correction.
There
was
a
move
below
the
$0.5250
level.
It
traded
below
the
50%
Fib
retracement
level
of
the
upward
wave
from
the
$0.5080
swing
low
to
the
$0.5325
high.

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The
price
is
now
trading
below
$0.5250
and
the
100-hourly
Simple
Moving
Average.
However,
the
bulls
are
active
near
the
61.8%
Fib
retracement
level
of
the
upward
wave
from
the
$0.5080
swing
low
to
the
$0.5325
high.

On
the
upside,
the
price
is
facing
resistance
near
the
$0.5250
level.
There
is
also
a
connecting
bearish
trend
line
forming
with
resistance
near
$0.5250
on
the
hourly
chart
of
the
XRP/USD
pair.
The
first
key
resistance
is
near
$0.5300.
The
next
major
resistance
is
near
the
$0.5320
level.
A
close
above
the
$0.5320
resistance
zone
could
send
the
price
higher.
The
next
key
resistance
is
near
$0.5450.

Source:

XRPUSD
on
TradingView.com

If
there
is
a
close
above
the
$0.5450
resistance
level,
there
could
be
a
steady
increase
toward
the
$0.5520
resistance.
Any
more
gains
might
send
the
price
toward
the
$0.5650
resistance.

More
Losses?

If
XRP
fails
to
clear
the
$0.5250
resistance
zone,
it
could
continue
to
move
down.
Initial
support
on
the
downside
is
near
the
$0.5165
level.

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The
next
major
support
is
at
$0.5120.
If
there
is
a
downside
break
and
a
close
below
the
$0.5120
level,
the
price
might
accelerate
lower.
In
the
stated
case,
the
price
could
decline
and
retest
the
$0.5020
support
in
the
near
term.

Technical
Indicators

Hourly
MACD

The
MACD
for
XRP/USD
is
now
losing
pace
in
the
bearish
zone.

Hourly
RSI
(Relative
Strength
Index)

The
RSI
for
XRP/USD
is
now
below
the
50
level.

Major
Support
Levels

$0.5165
and
$0.5120.

Major
Resistance
Levels

$0.5250
and
$0.5320.

Go to Source
Author: Aayush Jindal


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