XRP Price Crashes 15%, Slips Under $0.40: Difficult Recovery Ahead

2024-7-5 06:58

XRP price tumbled and dived below the $0.400 support zone. The price is consolidating losses and might struggle to recover above the $0.4150 resistance.

XRP price gained bearish momentum below the $0.4240 support zone. The price is now trading below $0.4250 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $0.4150 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might recover, but the upsides might be limited above $0.4050 and $0.4150. XRP Price Takes Hit

XRP price struggled to clear the $0.4550 resistance and started a fresh decline, like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.4240 support.

The pair even declined heavily below the $0.4150 support level. Finally, it even spiked below the $0.400 support. A low was formed at $0.3826 and the price is now correcting losses. There was a recovery wave above the $0.3920 resistance.

The price climbed above the 23.6% Fib retracement level of the recent decline from the $0.4467 swing high to the $0.3862 low. It is now trading below $0.4250 and the 100-hourly Simple Moving Average.

On the upside, the price is facing resistance near the $0.4050 level. The first major resistance is near the $0.4150 level and the 50% Fib retracement level of the recent decline from the $0.4467 swing high to the $0.3862 low. There is also a key bearish trend line forming with resistance at $0.4150 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 $0.4450 level. Any more gains might send the price toward the $0.4650 resistance.

More Losses?

If XRP fails to clear the $0.4150 resistance zone, it could start another decline. Initial support on the downside is near the $0.390 level.

The next major support is at $0.3850. If there is a downside break and a close below the $0.3850 level, the price might continue to decline toward the $0.3620 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 – $0.390 and $0.3850.

Major Resistance Levels – $0.4050 and $0.4150.

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price xrp below might consolidating struggle losses

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