{"id":28538,"date":"2023-08-22T04:53:20","date_gmt":"2023-08-22T08:53:20","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28538"},"modified":"2023-08-22T04:53:20","modified_gmt":"2023-08-22T08:53:20","slug":"xrp-price-shows-confluence-of-bearish-factors-and-could-decline-again","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/22\/xrp-price-shows-confluence-of-bearish-factors-and-could-decline-again\/","title":{"rendered":"XRP Price Shows Confluence Of Bearish Factors and Could Decline Again"},"content":{"rendered":"

Ripple\u2019s token price is showing bearish signs below $0.580 against the US Dollar. XRP price could start another decline if it trades below $0.480.<\/em><\/p>\n

Ripple\u2019s token price is struggling to recover above $0.550 and $0.580 against the US dollar.
\nThe price is now trading below $0.56 and the 100 simple moving average (4 hours).
\nThere is a major bearish trend line forming with resistance near $0.580 on the 4-hour chart of the XRP\/USD pair (data source from Kraken).
\nThe pair might start another decline if there is a break below $0.480.<\/p>\n

Ripple\u2019s Token Price Faces Uphill Task<\/h2>\n

After a major decline to $0.40, Ripple\u2019s XRP started an upside correction against the US Dollar. The price recovered a few points above the $0.45 and $0.48 resistance levels, similar to Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

The bulls pushed the price above the 50% Fib retracement level of the main decline from the $0.6654 swing high to the $0.3995 low. The price climbed above the $0.50 level. However, the bears are active near the $0.550 resistance zone.<\/p>\n

XRP is now trading below $0.56 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.580 on the 4-hour chart of the XRP\/USD pair.<\/p>\n

Initial resistance on the upside is near the $0.550 zone. The next major resistance is near the $0.565 level or the 61.8% Fib retracement level of the main decline from the $0.6654 swing high to the $0.3995 low. The main resistance is now forming near the $0.580 zone and the trend line.<\/p>\n\n

Source: XRPUSD on TradingView.com<\/a><\/p>\n

A successful break above the $0.580 resistance level might send the price toward the $0.60 resistance or the 100 simple moving average (4 hours). Any more gains might call for a test of the $0.6650 resistance.<\/p>\n

Another Drop in XRP?<\/h2>\n

If ripple fails to clear the $0.565 resistance zone, it could start another decline. Initial support on the downside is near the $0.500 zone.<\/p>\n

The next major support is near $0.480. If there is a downside break and a close below the $0.480 level, XRP\u2019s price could extend losses. In the stated case, the price could retest the $0.400 support zone.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for XRP\/USD is now losing pace in the bearish zone.<\/p>\n

4-Hours RSI (Relative Strength Index) \u2013 The RSI for XRP\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.50, $0.480, and $0.40.<\/p>\n

Major Resistance Levels \u2013 $0.550, $0.565, and $0.580.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ripple\u2019s token price is showing bearish signs below $0.580 against the US Dollar. XRP price could start another decline if it trades below $0.480.<\/em><\/p>\n

Ripple\u2019s token price is struggling to recover above $0.550 and $0.580 against the US dollar.
\nThe price is now trading below $0.56 and the 100 simple moving average (4 hours).
\nThere is a major bearish trend line forming with resistance near $0.580 on the 4-hour chart of the XRP\/USD pair (data source from Kraken).
\nThe pair might start another decline if there is a break below $0.480.<\/p>\n

Ripple\u2019s Token Price Faces Uphill Task<\/h2>\n

After a major decline to $0.40, Ripple\u2019s XRP started an upside correction against the US Dollar. The price recovered a few points above the $0.45 and $0.48 resistance levels, similar to Bitcoin<\/a> and Ethereum<\/a>.<\/p>\n

The bulls pushed the price above the 50% Fib retracement level of the main decline from the $0.6654 swing high to the $0.3995 low. The price climbed above the $0.50 level. However, the bears are active near the $0.550 resistance zone.<\/p>\n

XRP is now trading below $0.56 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.580 on the 4-hour chart of the XRP\/USD pair.<\/p>\n

Initial resistance on the upside is near the $0.550 zone. The next major resistance is near the $0.565 level or the 61.8% Fib retracement level of the main decline from the $0.6654 swing high to the $0.3995 low. The main resistance is now forming near the $0.580 zone and the trend line.<\/p>\n

Source: XRPUSD on TradingView.com<\/a><\/p>\n

A successful break above the $0.580 resistance level might send the price toward the $0.60 resistance or the 100 simple moving average (4 hours). Any more gains might call for a test of the $0.6650 resistance.<\/p>\n

Another Drop in XRP?<\/h2>\n

If ripple fails to clear the $0.565 resistance zone, it could start another decline. Initial support on the downside is near the $0.500 zone.<\/p>\n

The next major support is near $0.480. If there is a downside break and a close below the $0.480 level, XRP\u2019s price could extend losses. In the stated case, the price could retest the $0.400 support zone.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for XRP\/USD is now losing pace in the bearish zone.<\/p>\n

4-Hours RSI (Relative Strength Index) \u2013 The RSI for XRP\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $0.50, $0.480, and $0.40.<\/p>\n

Major Resistance Levels \u2013 $0.550, $0.565, and $0.580.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28538","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28538"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28538\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28538"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}