XRP Bulls Face Continued Pressure: Key Challenges Ahead
08 Juillet 2024 - 6:31AM
NEWSBTC
XRP price is struggling below the $0.4250 support zone. The price
is consolidating losses and might struggle to recover above the
$0.450 resistance. XRP price struggled to recover above $0.450 and
started another decline. The price is now trading below $0.4250 and
the 100-hourly Simple Moving Average. There is a connecting bearish
trend line forming with resistance at $0.420 on the hourly chart of
the XRP/USD pair (data source from Kraken). The pair might recover,
but the upsides might be limited above $0.4350 and $0.450. XRP
Price Moves In The Red Zone XRP price struggled to clear the $0.450
resistance and started a fresh decline, like Bitcoin and Ethereum.
The bears took control and pushed the price below the $0.4320
support. The pair even declined heavily below the $0.4250 support
level. There was a drop below the 50% Fib retracement level of the
upward move from the $0.3826 swing low to the $0.4498 high. The
bulls are now trying to protect the $0.4050 support zone. It is now
trading below $0.4250 and the 100-hourly Simple Moving Average. On
the upside, the price is facing resistance near the $0.4160 level.
The first major resistance is near the $0.420 level. There is also
a connecting bearish trend line forming with resistance at $0.420
on the hourly chart of the XRP/USD pair. The next key resistance
could be $0.4220. A clear move above the $0.4220 resistance might
send the price toward the $0.4380 resistance. The next major
resistance is near the $0.450 level. Any more gains might send the
price toward the $0.4650 resistance. More Losses? If XRP fails to
clear the $0.420 resistance zone, it could start another decline.
Initial support on the downside is near the $0.4050 level or the
61.8% Fib retracement level of the upward move from the $0.3826
swing low to the $0.4498 high. The next major support is at $0.40.
If there is a downside break and a close below the $0.40 level, the
price might continue to decline toward the $0.3750 support in the
near term. 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 – $0.4050 and $0.400. Major Resistance Levels
– $0.420 and $0.4380.
Ethereum (COIN:ETHUSD)
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