{"id":2676,"date":"2024-09-02T04:28:58","date_gmt":"2024-09-02T04:28:58","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2676"},"modified":"2024-09-02T04:28:58","modified_gmt":"2024-09-02T04:28:58","slug":"xrp-price-struggles-can-it-break-free-from-the-downtrend","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2676","title":{"rendered":"XRP Price Struggles: Can It Break Free from the Downtrend?"},"content":{"rendered":"

XRP price extended losses below the $0.5650 support. The price is showing bearish signs and might even decline below the $0.540 level.<\/em><\/p>\n

XRP price started a fresh decline below the $0.600 zone.
\nThe price is now trading below $0.5650 and the 100-hourly Simple Moving Average.
\nThere is a connecting bearish trend line forming with resistance at $0.5560 on the hourly chart of the XRP\/USD pair (data source from Kraken).
\nThe pair could attempt a recovery wave if it clears the $0.5650 resistance zone.<\/p>\n

XRP Price Turns Red<\/h2>\n

XRP price failed to stay above the $0.60 support and extended losses like Bitcoin<\/a> and Ethereum<\/a>. The price declined below the $0.5650 and $0.5550 support levels to enter a bearish zone.<\/p>\n

The price even tested the $0.5440 level. A low was formed at $0.5440 and the price is now consolidating losses. It is trying to start a recovery wave and test the 23.6% Fib retracement level of the recent decline from the $0.5721 swing high to the $0.5440 low.<\/p>\n

The price is still trading below $0.5650 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5550 level. The first major resistance is near the $0.5560 level. There is also a connecting bearish trend line forming with resistance at $0.5560 on the hourly chart of the XRP\/USD pair.<\/p>\n

The trend line is close to the 50% Fib retracement level of the recent decline from the $0.5721 swing high to the $0.5440 low. The next key resistance could be $0.5650. A clear move above the $0.5650 resistance might send the price toward the $0.5720 resistance.<\/p>\n

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

The next major resistance is near the $0.5840 level. Any more gains might send the price toward the $0.5920 resistance or even $0.60 in the near term.<\/p>\n

More Losses?<\/h2>\n

If XRP fails to clear the $0.5650 resistance zone, it could start another decline. Initial support on the downside is near the $0.5440 level. The next major support is at $0.5320.<\/p>\n

If there is a downside break and a close below the $0.5320 level, the price might continue to decline toward the $0.5220 support in the near term. The next major support sits at $0.5150.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 The MACD for XRP\/USD is now gaining 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 $0.5440 and $0.5320.<\/p>\n

Major Resistance Levels \u2013 $0.5560 and $0.5650.<\/p>","protected":false},"excerpt":{"rendered":"

XRP price extended losses below the $0.5650 support. The price is showing bearish signs and might even decline below the $0.540 level. XRP price started a fresh decline below the $0.600 zone. The price is now trading below $0.5650 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":2677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2676","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\/2676"}],"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=2676"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2676\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2677"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}