Bitcoin

Resistance

XRP price started a recovery wave from the $0.4620 support. The price is now struggling to clear $0.4780 and might restart its decline. 
<ul> 
 <li>XRP price is attempting a recovery wave from the $0.4620 support zone.</li> 
 <li>The price is now trading below $0.4800 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key bearish trend line forming with resistance at $0.4770 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair might face rejections near $0.4780 and $0.480.</li> 
</ul> 
<h2 id="xrp-price-faces-resistance">XRP Price Faces Resistance</h2> 
XRP price extended losses below the $0.480 level like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejection-62500/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-hurdle-3420/" target="_blank" rel="noopener ">Ethereum</a>. The price even spiked below $0.4650 and tested the $0.4620 zone. A low was formed at $0.4619 and the price recently started a recovery wave. 
There was an upward move above the $0.4700 and $0.4720 resistance levels. The price even surpassed the 50% Fib retracement level of the downward wave from the $0.4885 swing high to the $0.4620 low. However, the bears seem to be active near the $0.4780 zone. 
They are protecting the 61.8% Fib retracement level of the downward wave from the $0.4885 swing high to the $0.4620 low. There is also a key bearish trend line forming with resistance at $0.4770 on the hourly chart of the XRP/USD pair. 
It is now trading below $0.4800 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4770 level. The first major resistance is near the $0.4800 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/XRP_Price_a4c015.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-626398 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/XRP_Price_a4c015.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/XRP_Price_a4c015.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/XRP_Price_a4c015.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/XRP_Price_a4c015.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/XRP_Price_a4c015.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/XRP_Price_a4c015.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/XRP_Price_a4c015.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/XRP_Price_a4c015.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A clear move above the $0.4800 resistance might send the price toward the $0.4885 resistance. The next major resistance is near the $0.5050 level. A close above the $0.5050 resistance zone could send the price higher. The next key resistance is near $0.5250. Any more gains might send the price toward the $0.5500 resistance. 
<h2 id="another-decline">Another Decline?</h2> 
If XRP fails to clear the $0.4800 resistance zone, it could start another decline. Initial support on the downside is near the $0.4685 level. 
The next major support is at $0.4620. If there is a downside break and a close below the $0.4620 level, the price might gain bearish momentum. In the stated case, the price could even trade below the $0.450 support in the near term. 
Technical Indicators 
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level. 
Major Support Levels – $0.4685 and $0.4620. 
Major Resistance Levels – $0.4770 and $0.4800.

XRP Price Facing Another Drop: Understanding The Key Drivers

Table of Contents

NewsBTC

Other articles published on Jun 26, 2024

JUST IN: Turkey Adopts the New Cryptocurrency Bill

BlockDAG’s $53.8M Presale Draws Investors Away from Subdued Kaspa Recovery and Cardano Network Up...

Binance set to delist these SHIB, LINK spot trading pairs soon

Crypto: Solana Introduces Tools to Facilitate Transactions!

Crypto Prices Today June 26: Bitcoin Regains Momentum To $62K, Altcoins Lead Market Rally

Is crypto’s greatest crash around the corner? The threat of Tether’s (USDT) collapse

Join our free newsletter for daily crypto updates!