XRP Price Grinds Lower: Searching for Support Amid Downtrend

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	25,751,658,487	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

25,751,658,487

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0003	0.06%	0.4722	0.4721	0.4722

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0003

0.06%

0.4722

0.4721

0.4722

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.4747	0.4694	0.4719	0.4719	0.399480 - 0.950000

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.4747

0.4694

0.4719

0.399480 - 0.950000

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:47:29	8.41	0.4722	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:47:29

8.41

0.4722

USD

Price x Volume	Volume	Base Symbol	Related Pairs
5,609,498.55	11,885,411.35	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

5,609,498.55

11,885,411.35

XRP Price Grinds Lower: Searching for Support Amid Downtrend

31/05/2024 3:08am

NEWSBTC

XRP price extended losses below the $0.5220 support zone. It tested the $0.5120 support and now attempting another recovery wave toward $0.550. XRP is struggling to start a fresh increase above the $0.5320 resistance zone. The price is now trading below $0.530 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance near $0.5230 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if the price stays below $0.5320. XRP Price Dips Further XRP price remained in a short-term bearish zone like Bitcoin and Ethereum. The bears were able to push the price below the key support at $0.5220. Finally, the price tested the $0.5120 support zone. A low was formed at $0.5126 and the price is now attempting a fresh recovery wave. There was a move above the $0.5165 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $0.5406 swing high to the $0.5126 low. However, the price is still trading below $0.530 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.5220 level. There is also a major bearish trend line forming with resistance near $0.5230 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5265 or the 50% Fib retracement level of the downward wave from the $0.5406 swing high to the $0.5126 low. A close above the $0.5265 resistance zone could send the price higher. The next key resistance is near $0.5320. If there is a close above the $0.5320 resistance level, there could be a steady increase toward the $0.5450 resistance. Any more gains might send the price toward the $0.5650 resistance. More Downsides? If XRP fails to clear the $0.5220 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5150 level. The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.50 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5120 and $0.500. Major Resistance Levels – $0.5220 and $0.5320.

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XRPUSD Ripple