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Home»Analysis»XRP Price Topside Bias Vulnerable Unless It Rise Above $0.50
Analysis

XRP Price Topside Bias Vulnerable Unless It Rise Above $0.50

2023-06-29No Comments3 Mins Read
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Ripple’s token price started another drop of $0.5265 against the US dollar. XRP price could extend its decline unless it climbs above $0.50 again.

  • Ripple token price drops below the $0.488 support against the US dollar.
  • The price is now trading below $0.48 and the 100 simple moving average (4 hours).
  • A major bearish trendline is forming with resistance close to $0.475 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to drop below the USD 0.444 support in the near term.

Ripple’s Token Price Begins Downward Correction

In recent days, Ripple’s XRP saw a downside correction from $0.5265 resistance against the US dollar. It dipped below the $0.505 support zone, similar to Bitcoin and Ethereum.

The price gained bearish momentum below the USD 0.480 support zone. A low was formed near $0.446 and the price is now recovering losses. There was a move above the $0.450 and $0.455 resistance levels. XRP surpassed the 23.6% Fib retracement level of the downward move from the $0.5263 swing high to the $0.4460 low.

XRP price is now trading below $0.500 and the 100 simple moving average (4 hours). A major bearish trendline is also forming with resistance close to $0.475 on the 4-hour chart of the XRP/USD pair.

Initial resistance on the upside is near the $0.475 zone. The first major resistance is near the $0.448 level and the 100 simple moving average (4 hours). It is close to the 50% Fib retracement level of the downward move from the $0.5263 swing high to the $0.4460 low.

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XRP price

Source: XRPUSD at TradingView.com

A successful break above the $0.48 resistance level could send the price towards the $0.505 resistance. Any further gains may require a test of the $0.525 resistance.

New Decline in XRP?

If Ripple fails to clear the $0.48 resistance zone, it could trigger another drop. The first support on the downside is near the $0.455 zone.

The next major support is near $0.445. If there is a downside break and a close below the $0.445 level, the price of XRP could extend losses. In the said case, the price might retest the $0.425 support zone.

Technical indicators

4am MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Main Support Levels – $0.455, $0.445 and $0.425.

Main resistance levels – $0.475, $0.480 and $0.500.

Source link

bias Price Rise Topside Vulnerable XRP
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