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08 Jul
Digital Currencies

XRP Bulls Face Continued Pressure: Key Challenges Ahead

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XRP Bulls Face Continued Pressure: Key Challenges Ahead

XRP price is struggling below the $0.4250 support zone. The price is consolidating losses and might struggle to recover above the $0.450 resistance.

  • XRP price struggled to recover above $0.450 and started another decline.
  • The price is now trading below $0.4250 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $0.420 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might recover, but the upsides might be limited above $0.4350 and $0.450.

XRP Price Moves In The Red Zone

XRP price struggled to clear the $0.450 resistance and started a fresh decline, like Bitcoin and Ethereum . The bears took control and pushed the price below the $0.4320 support.

The pair even declined heavily below the $0.4250 support level. There was a drop below the 50% Fib retracement level of the upward move from the $0.3826 swing low to the $0.4498 high. The bulls are now trying to protect the $0.4050 support zone.

It is now trading below $0.4250 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4160 level. The first major resistance is near the $0.420 level.

XRP Bulls Face Continued Pressure: Key Challenges Ahead

There is also a connecting bearish trend line forming with resistance at $0.420 on the hourly chart of the XRP/USD pair. The next key resistance could be $0.4220. A clear move above the $0.4220 resistance might send the price toward the $0.4380 resistance. The next major resistance is near the $0.450 level. Any more gains might send the price toward the $0.4650 resistance.

More Losses?

If XRP fails to clear the $0.420 resistance zone, it could start another decline. Initial support on the downside is near the $0.4050 level or the 61.8% Fib retracement level of the upward move from the $0.3826 swing low to the $0.4498 high.

The next major support is at $0.40. If there is a downside break and a close below the $0.40 level, the price might continue to decline toward the $0.3750 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 – $0.4050 and $0.400.

Major Resistance Levels – $0.420 and $0.4380.