Ethereum

Resistance

<a href="https://bitcoinworld.co.in/xrp-price-temporary-bounce-recovery-might-not-last/" title="XRP Price Temporary Bounce: Recovery Might Not Last" rel="nofollow"></a>
XRP <a href="https://coinstats.app/coins/ripple/">price</a> extended losses and traded below the $0.50 zone. The price tested the $0.4700 zone and is currently attempting a short-term recovery wave. 
<ul> 
 <li style="font-weight: 400">XRP is slowly moving higher from the $0.470 support.</li> 
 <li style="font-weight: 400">The price is now trading below $0.4850 and the 100-hourly Simple Moving Average.</li> 
 <li style="font-weight: 400">There was a break above a connecting bearish trend line with resistance at $0.480 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li style="font-weight: 400">The pair could recover, but the bears might be active near the $0.4880 resistance.</li> 
</ul> 
<h3 id="span-style-font-weight-400-xrp-price-finds-support-span">XRP Price Finds Support</h3> 
<a href="https://bitcoinworld.co.in/xrp-price-decreased-more-than-6-within-24-hours/">XRP price</a> failed to recover above the $0.4880 resistance like Ethereum and Bitcoin. The price extended losses below the $0.480 level. It even tested the $0.470 zone.&nbsp; 
A low was formed at $0.4701 and the price is now eyeing a short-term recovery wave. 
There was a move above the $0.4750 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.5053 swing high to the $0.4701 low. 
<figure id="attachment_74273" aria-describedby="caption-attachment-74273" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-74273" src="http://bitcoinworld.co.in/wp-content/uploads/XRP-Price-Chart-15-483x300.png" alt="" width="559" height="347" srcset="https://bitcoinworld.co.in/wp-content/uploads/XRP-Price-Chart-15-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/XRP-Price-Chart-15.png 760w" sizes="(max-width: 559px) 100vw, 559px">
 <figcaption id="caption-attachment-74273" class="wp-caption-text">
 XRP Price Chart | Source: Coinstats
 </figcaption>
</figure> 
Besides, there was a break above a connecting bearish trend line with resistance at $0.480 on the hourly chart of the XRP/USD pair.&nbsp; 
However, it is still trading below $0.4850 and the 100-hourly Simple Moving Average. 
On the upside, the price is facing resistance near the $0.4850 level. The first key resistance is near $0.4880 or the 50% Fib retracement level of the downward move from the $0.5053 swing high to the $0.4701 low. The next major resistance is near the $0.4920 level. 
A close above the $0.4920 resistance zone could send the price higher. The next key resistance is near $0.50.&nbsp; 
If there is a close above the $0.50 resistance level, there could be a steady increase toward the $0.5050 resistance. Any more gains might send the price toward the $0.5250 resistance. 
<h3 id="span-style-font-weight-400-more-losses-span">More Losses?</h3> 
If XRP fails to clear the $0.4850 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4750 level. 
The next major support is at $0.470. If there is a downside break and a close below the $0.470 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.4550 support in the near term. 
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators</h3> 
<ul> 
 <li style="font-weight: 400">Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.</li> 
 <li style="font-weight: 400">Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.</li> 
 <li style="font-weight: 400">Major Support Levels – $0.4750 and $0.4700.</li> 
 <li style="font-weight: 400">Major Resistance Levels – $0.4850 and $0.4920.</li> 
</ul> 
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

XRP Price Temporary Bounce: Recovery Might Not Last

Table of Contents

ItsBitcoinWorld

Other articles published on Jun 12, 2024

Investors Doubtful After Low Trading Volumes Of DOGE & Apecoin; BlockDAG Excites With $48.8M Rapi...

Airdrop Summer Begins on PBN - Over $25K in BASE and Solana Projects

MoonPay announces PayPal fiat on-ramp for UK and EU

How To Earn Top Tokens From Cryptodrops? Easy Crypto Mining Via Telegram Games

Crypto: The future of fast transactions with Tectum!

Daily Market Review: BTC, ETH, DOGE, FIL, ICP

Join our free newsletter for daily crypto updates!