XRP Price Defends Support: Will Bulls Take Over?

2024-9-24 07:18

XRP price is consolidating above the $0.5785 support. The price must settle above $0.5920 and $0.600 to start a fresh increase in the near term.

XRP price is still trading below the $0.600 resistance zone. The price is now trading below $0.590 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels. XRP Price Holds Key Support

XRP price struggled to stay above $0.6050 and started a downside correction like Bitcoin and Ethereum. The price declined below the $0.600 and $0.590 support levels. However, the bulls remained active near $0.5785, and the price bounced back to test $0.5950.

It is again moving lower below the $0.5920 level. There was a break below the 50% Fib retracement level of the upward move from the $0.5784 swing low to the $0.5956 high.

The price is now trading below $0.590 and the 100-hourly Simple Moving Average. It is finding bids near the 76.4% Fib retracement level of the upward move from the $0.5784 swing low to the $0.5956 high at $0.5825. On the upside, the price might face resistance near the $0.5850 level.

There is also a major bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair. The first major resistance is near the $0.5920 level. The next key resistance could be $0.600.

A clear move above the $0.600 resistance might send the price toward the $0.6120 resistance. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.

More Losses?

If XRP fails to clear the $0.5920 resistance zone, it could start another decline. Initial support on the downside is near the $0.5825 level. The next major support is near the $0.5780 level.

If there is a downside break and a close below the $0.5780 level, the price might continue to decline toward the $0.5650 support in the near term. The next major support sits at $0.5550.

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 – $0.5825 and $0.5780.

Major Resistance Levels – $0.5920 and $0.6000.

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