XRP Price Flashes Bearish Signals: Are More Losses Coming?

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Newsbtc2024/10/23 05:19

By:Aayush Jindal

XRP price is moving lower below the $0.5500 level. The bears might gain strength if there is a close below the $0.5200 support zone.

XRP price is correcting gains below the $0.5500 zone.
The price is now trading below $0.5450 and the 100-hourly Simple Moving Average.
There is a new connecting bearish trend line forming with resistance at $0.5365 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bearish momentum if it declines below the $0.5200 support zone.

XRP Price Dips Further

XRP price struggled to extend gains above the $0.5600 level and started a downside correction, like Bitcoin and Ethereum . There was a move below the $0.5550 and $0.5500 levels.

The price even dipped below $0.5320 and tested $0.5290. A low was at $0.5292 and the price is now consolidating losses and trading below the 23.6% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5292 low.

The price is now trading below $0.5450 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5365 level. There is also a new connecting bearish trend line forming with resistance at $0.5365 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.5440 level. It is close to the 50% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5292 low.

Source: XRPUSD on TradingView.com

The next key resistance could be $0.5520. A clear move above the $0.5520 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5600 resistance or even $0.5650 in the near term. The next major hurdle might be $0.5800.

More Losses?

If XRP fails to clear the $0.5365 resistance zone, it could start another decline. Initial support on the downside is near the $0.5280 level. The next major support is near the $0.5220 level.

If there is a downside break and a close below the $0.5220 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.500 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

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

Major Support Levels – $0.5280 and $0.5220.

Major Resistance Levels – $0.5365 and $0.5520.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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