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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6
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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

XRP Price Facing Another Drop: Understanding The Key Drivers

Aayush Jindal
Aayush Jindal
Last Updated: June 26, 2024 3:58 am
2 mins read
XRP Price Facing Another Drop

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XRP price started a recovery wave from the $0.4620 support. The price is now struggling to clear $0.4780 and might restart its decline.

  • XRP price is attempting a recovery wave from the $0.4620 support zone.
  • The price is now trading below $0.4800 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $0.4770 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might face rejections near $0.4780 and $0.480.

XRP Price Faces Resistance

XRP price extended losses below the $0.480 level like Bitcoin and Ethereum. The price even spiked below $0.4650 and tested the $0.4620 zone. A low was formed at $0.4619 and the price recently started a recovery wave.

There was an upward move above the $0.4700 and $0.4720 resistance levels. The price even surpassed the 50% Fib retracement level of the downward wave from the $0.4885 swing high to the $0.4620 low. However, the bears seem to be active near the $0.4780 zone.

They are protecting the 61.8% Fib retracement level of the downward wave from the $0.4885 swing high to the $0.4620 low. There is also a key bearish trend line forming with resistance at $0.4770 on the hourly chart of the XRP/USD pair.

It is now trading below $0.4800 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4770 level. The first major resistance is near the $0.4800 level.

XRP Price
Source: XRPUSD on TradingView.com

A clear move above the $0.4800 resistance might send the price toward the $0.4885 resistance. The next major resistance is near the $0.5050 level. A close above the $0.5050 resistance zone could send the price higher. The next key resistance is near $0.5250. Any more gains might send the price toward the $0.5500 resistance.

Another Decline?

If XRP fails to clear the $0.4800 resistance zone, it could start another decline. Initial support on the downside is near the $0.4685 level.

The next major support is at $0.4620. If there is a downside break and a close below the $0.4620 level, the price might gain bearish momentum. In the stated case, the price could even trade below the $0.450 support in the near term.

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 near the 50 level.

Major Support Levels – $0.4685 and $0.4620.

Major Resistance Levels – $0.4770 and $0.4800.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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