{"id":1535,"date":"2024-08-28T05:08:20","date_gmt":"2024-08-28T05:08:20","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1535"},"modified":"2024-08-28T05:08:20","modified_gmt":"2024-08-28T05:08:20","slug":"xrp-price-reverses-course-are-more-losses-coming","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1535","title":{"rendered":"XRP Price Reverses Course: Are More Losses Coming?"},"content":{"rendered":"

XRP price failed to start a fresh increase above the $0.600 zone. The price reversed and now consolidates near the $0.570 level.<\/em><\/p>\n

XRP price started another decline after it failed to clear the $0.60 resistance.
\nThe price is now trading below $0.600 and the 100-hourly Simple Moving Average.
\nThere was a break below a short-term rising channel with support at $0.590 on the hourly chart of the XRP\/USD pair (data source from Kraken).
\nThe pair could attempt a recovery wave if it clears the $0.5770 resistance zone.<\/p>\n

XRP Price Drops Again<\/h2>\n

XRP price failed to gain pace for a move above the $0.60 level. It formed a high at $0.60 and started another decline like Bitcoin<\/a> and Ethereum<\/a>. There was a move below the $0.5850 and $0.580 levels.<\/p>\n

There was a break below a short-term rising channel with support at $0.590 on the hourly chart of the XRP\/USD pair. The pair even spiked below the $0.5550 support level. A low was formed at $0.5538 and the price is now consolidating losses.<\/p>\n

There was a minor move above the $0.5640 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.60 swing high to the $0.5538 low. The price is still trading below $0.600 and the 100-hourly Simple Moving Average.<\/p>\n

On the upside, the price might face resistance near the $0.5770 level. It is close to the 50% Fib retracement level of the downward move from the $0.60 swing high to the $0.5538 low. The first major resistance is near the $0.5885 level.<\/p>\n

<\/a><\/p>\n

The next key resistance could be $0.60. A clear move above the $0.60 resistance might send the price toward the $0.6050 resistance. The next major resistance is near the $0.6160 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.<\/p>\n

Another Drop?<\/h2>\n

If XRP fails to clear the $0.5770 resistance zone, it could start another decline. Initial support on the downside is near the $0.560 level. The next major support is at $0.5550.<\/p>\n

If there is a downside break and a close below the $0.5550 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits at $0.520.<\/p>\n

Technical Indicators<\/p>\n

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

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

Major Support Levels \u2013 $0.5620 and $0.5550.<\/p>\n

Major Resistance Levels \u2013 $0.5885 and $0.6000.<\/p>","protected":false},"excerpt":{"rendered":"

XRP price failed to start a fresh increase above the $0.600 zone. The price reversed and now consolidates near the $0.570 level. XRP price started another decline after it failed to clear the $0.60 resistance. The price is now trading below $0.600 and the 100-hourly Simple Moving Average. There was a break below a short-term […]<\/p>\n","protected":false},"author":0,"featured_media":1536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1535"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1535"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1535\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1536"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}