XRP Price Forecast: Will Bulls Retake Control?
XRP Price Faces Headwinds: Can Bulls Regain Momentum?
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The XRP price has been on a downward trajectory, recently dipping below the critical support level of $0.5240. This dip has fueled concerns among investors as XRP struggles to break free from the bearish grip. The question on everyone’s mind: Can bulls turn the tide and usher in a new rally?
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The price action indicates a potential struggle for XRP to recover in the near term. It is currently trading below the $0.580 mark, a key resistance level, and the 100-hourly Simple Moving Average. A bearish trend line, acting as resistance at $0.5950, further compounds the bearish sentiment on the hourly chart of the XRP/USD pair (data source from Kraken). Breaking through this trend line will be crucial for XRP to regain upward momentum.
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XRP’s recent decline has been particularly sharp, outpacing Bitcoin and Ethereum. The price tumbled below the $0.5550 support zone, finding a low at $0.5231. Despite a slight rebound, the price remains well below the 23.6% Fibonacci retracement level of the downward move from the $0.6642 high to the $0.5231 low.
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On the upside, resistance levels are expected near $0.5565, $0.5950, and $0.600. A decisive break above the $0.600 mark could open the door to a potential rally towards the $0.6120, $0.6250, and even the $0.6320 levels.
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However, if XRP fails to overcome the $0.5565 resistance, further declines could occur. Immediate support lies near the $0.530 level, followed by the key $0.5240 support. A break below $0.5240 could lead to a more significant downward move, potentially reaching the $0.5050 support level. The next significant support area lies near the $0.500 pivot zone.
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Technical Indicators Provide Insights:
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- Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bearish zone, signaling continued downward pressure.
- Hourly RSI: The RSI for XRP/USD is below the 50 level, suggesting oversold conditions but not yet indicating a potential reversal.
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Key Levels to Watch:
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Support: $0.5240, $0.5050\nResistance: $0.5565, $0.5950
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The coming days will be crucial for determining XRP’s direction. Will bulls manage to regain control, or will bears continue to dictate the price movement? Investors will be watching closely for signs of a potential turnaround.