XRP Price On The Edge: Can It Survive and Start Fresh Increase

NewsBTC · 2024-08-14T20:18:20+00:00

XRP price fails to break $0.5850 resistance, shows bearish signs below $0.5750. Key supports at $0.5600 and $0.5550; the price may continue to decline towards $0.550. On the upside, a clear move above $0.5850 may send the price towards $0.60 resistance.

NewsBTC

2024-08-14 20:18:20

Abstract generation in progress

XRP price failed to climb above the $0.5850 resistance zone. The price dipped and now shows a few bearish signs below the $0.5750 level.

XRP price is struggling to climb above the $0.5850 level.
The price is now trading below $0.5750 and the 100-hourly Simple Moving Average.
There was a break below a key rising channel with support at $0.5745 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.580 resistance zone.

XRP Price Dips To Support

XRP price remained stable near the $0.5650 level and attempted more gains. However, it failed to clear the $0.5850 resistance and started another decline like Bitcoin and Ethereum.

There was a move below the $0.580 and $0.5750 levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5457 swing low to the $0.5835 high. Besides, there was a break below a key rising channel with support at $0.5745 on the hourly chart of the XRP/USD pair.

The price is now trading below $0.5750 and the 100-hourly Simple Moving Average. It is holding the 50% Fib retracement level of the upward move from the $0.5457 swing low to the $0.5835 high.

Source: XRPUSD on TradingView.comOn the upside, the price is facing hurdles near the $0.5750 level. The first major resistance is near the $0.580 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.60 resistance. The next major resistance is near the $0.6150 level. 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 $0.580 resistance zone, it could start another decline. Initial support on the downside is near the $0.5650 level. The next major support is at $0.560.

If there is a downside break and a close below the $0.5600 level, the price might continue to decline toward the $0.550 support in the near term. The next major support sits at $0.5350.

Technical Indicators

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

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

Major Support Levels – $0.5600 and $0.5550.

Major Resistance Levels – $0.5800 and $0.5850.

XRP1,35%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.