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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

XRP Price Turns Red: Can Bulls Stop the Slide?

Aayush Jindal
Aayush Jindal
Last Updated: October 3, 2024 4:08 am
2 mins read
XRP Price Turns Red

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XRP price extended losses and tested the $0.5240 support level. The price is now consolidating and might struggle to start a fresh increase.

  • XRP price declined further below the $0.5850 zone.
  • The price is now trading below $0.580 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could struggle to recover above the $0.5950 and $0.600 resistance levels.

XRP Price Dips 5%

XRP price extended its decline below the $0.600 level, underperforming Bitcoin and Ethereum. The price even declined heavily below the $0.5550 support zone.

A low was formed at $0.5231 and the price is now consolidating losses. There was a minor move above the $0.5350 level. The price is still well below the 23.6% Fib retracement level of the downward move from the $0.6642 swing high to the $0.5231 low.

The price is now trading above $0.5550 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5565 level. The first major resistance is near the $0.5950 level.

XRP Price
Source: XRPUSD on TradingView.com

There is also a key bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.6642 swing high to the $0.5231 low. 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 $0.5565 resistance zone, it could continue to move down. Initial support on the downside is near the $0.530 level. The next major support is near the $0.5240 level.

If there is a downside break and a close below the $0.5240 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.500 pivot zone.

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 – $0.5240 and $0.5050.

Major Resistance Levels – $0.5565 and $0.5950.

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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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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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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