Bitcoin

Resistance

XRP price again struggled to continue higher above the $0.5450 resistance. It is now moving lower and might test the $0.512 support zone. 
<ul> 
 <li>XRP is showing a few bearish signs from the $0.5420 zone.</li> 
 <li>The price is now trading below $0.5350 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key contracting triangle with support at $0.5360 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair could gain bearish momentum if it stays below the $0.5420 resistance zone.</li> 
</ul> 
<h2 id="xrp-price-faces-rejection">XRP Price Faces Rejection</h2> 
After a close above the $0.5320 level, XRP price extended its increase like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-steam-70k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dips-3720/" target="_blank" rel="noopener ">Ethereum</a>. However, the bears were active near the $0.5420 resistance zone. 
A high was formed at $0.5422 and the price started a downside correction. There was a move below the $0.5320 support zone and the 23.6% Fib retracement level of the upward move from the $0.5028 swing low to the $0.5422 high. 
Besides, there was a break below a key contracting triangle with support at $0.5360 on the hourly chart of the XRP/USD pair. The pair is now trading below $0.5350 and the 100-hourly Simple Moving Average. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_def645.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="size-full wp-image-609955" src="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_def645.png?resize=1024%2C449" alt="XRP Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_def645.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_def645.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_def645.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_def645.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_def645.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_def645.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_def645.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Immediate resistance is near the $0.5320 level. The first key resistance is near $0.5420. A close above the $0.5420 resistance zone could send the price higher. The next key resistance is near $0.5450. If the bulls push the price above the $0.5450 resistance level, there could be a steady increase toward the $0.5550 resistance. Any more gains might send the price toward the $0.5740 resistance. 
<h2 id="more-losses">More Losses?</h2> 
If XRP fails to clear the $0.5420 resistance zone, it could start another decline within the range. Initial support on the downside is near the $0.5225 level and the 50% Fib retracement level of the upward move from the $0.5028 swing low to the $0.5422 high. 
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 gain bearish momentum. In the stated case, the price could decline and retest the $0.5025 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 – $0.5225 and $0.5120. 
Major Resistance Levels – $0.5320 and $0.5420.

XRP Price Dips: Another Setback or a Buying Opportunity?

Table of Contents

NewsBTC

Other articles published on May 27, 2024

What’s behind Ethereum’s bull run? Whales, ETF approval, and…

Bitcoin Stamps (SRC-20) vs. Bitcoin Runes: An In-Depth Comparison of Bitcoin Protocols

Top Crypto Picks: If You Missed Out on Solana Meme Season, Then Do Not Miss Out On Ethereum DeFi ...

Pepe Surges 130% in May, Flips Polygon in Market Cap

Pepe Coin Price Analysis: 12% Rally Signals PEPE Breakout To $0.00002 As Ethereum ETF Hype Thaws

10,000 New Users Join Ethereum Layer-2 Arbitrum Last Week, ARB Price Eyes $2

Join our free newsletter for daily crypto updates!