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XRP Bulls Face Continued Pressure: Key Challenges Ahead

Started by Bitcoin, Jul 08, 2024, 06:58 am

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XRP Bulls Face Continued Pressure: Key Challenges Ahead

XRP price is struggling below the $0.4250 support zone. The price is consolidating losses and might struggle to recover above the $0.450 resistance.



  • XRP price struggled to recover above $0.450 and started another decline.

  • The price is now trading below $0.4250 and the 100-hourly Simple Moving Average.

  • There is a connecting bearish trend line forming with resistance at $0.420 on the hourly chart of the XRP/USD pair (data source from Kraken).

  • The pair might recover, but the upsides might be limited above $0.4350 and $0.450.


XRP Price Moves In The Red Zone


XRP price struggled to clear the $0.450 resistance and started a fresh decline, like Bitcoin and Ethereum. The bears took control and pushed the price below the $0.4320 support.


The pair even declined heavily below the $0.4250 support level. There was a drop below the 50% Fib retracement level of the upward move from the $0.3826 swing low to the $0.4498 high. The bulls are now trying to protect the $0.4050 support zone.


It is now trading below $0.4250 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4160 level. The first major resistance is near the $0.420 level.


XRP Price

There is also a connecting bearish trend line forming with resistance at $0.420 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 $0.450 level. Any more gains might send the price toward the $0.4650 resistance.


More Losses?


If XRP fails to clear the $0.420 resistance zone, it could start another decline. Initial support on the downside is near the $0.4050 level or the 61.8% Fib retracement level of the upward move from the $0.3826 swing low to the $0.4498 high.


The next major support is at $0.40. If there is a downside break and a close below the $0.40 level, the price might continue to decline toward the $0.3750 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 - $0.4050 and $0.400.


Major Resistance Levels - $0.420 and $0.4380.


Source: XRP Bulls Face Continued Pressure: Key Challenges Ahead