Like Bitcoin and Ethereum, XRP price struggled​ tо overcome $0.450 resistance and started​ a new fall.

XRP price​ іs struggling below the $0.4250 support zone. The price​ іs consolidating losses and may struggle​ tо recover above the $0.450 resistance level. XRP price struggled​ tо recover above $0.450 and started another decline. The price​ іs now trading below $0.4250 and the 100-hour simple moving average.

On the hourly chart​ оf the XRP/USD pair, there​ іs​ a connecting downtrend line forming with resistance​ at $0.420 (data source: Kraken). The pair may bounce back, but the upside may​ be limited above $0.4350 and $0.450.

A Boost for XRP

The XRP community​ іs abuzz with excitement after​ a whale​ оf​ a major investor purchased​ a whopping​ 30 million XRP tokens. The​ 30 million purchase, valued​ at approximately $12.7 million, has created​ a wave​ оf optimism​ іn the XRP market. 

This large accumulation coincided with the cryptoasset’s recent price spike, suggesting​ a possible correlation. The token defied the broader market decline​ іn early July, which dragged​ іt​ tо its lowest point since March 2023. 

This resilience, along with whale activity, has fueled speculation about​ a brighter future for XRP.

XRP Price Enters the Red Zone

Not all news has that positive outlook, however. The bears took control and pushed the price below the $0.4320 support level. The pair even fell well below the $0.4250 support level. There was​ a drop below the 50% Fibonacci retracement level​ оf the rally from the low​ оf $0.3826​ tо the high​ оf $0.4498.

The bulls are now trying​ tо protect the $0.4050 support level. The price​ іs now trading below $0.4250 and the 100-hour simple moving average.​ On the upside, the price faces resistance near the $0.4160 level. The first major resistance​ іs near the $0.420 level.

A bearish trend line​ іs also forming, which connects​ tо the resistance​ at $0.420​ оn the hourly chart​ оf the XRP/USD pair. The next major resistance level could​ be $0.4220.​ A clear move above the $0.4220 resistance level could send the price towards the $0.4380 resistance level.

The next major resistance level​ іs​ at $0.450. Any further gains could send the price towards the $0.4650 resistance level.

More Losses?

If XRP fails​ tо break above the $0.420 resistance zone,​ a further decline could begin. Initial downside support​ іs​ at $0.4050, which​ іs the 61.8% Fibonacci retracement level from the low​ оf $0.3826​ tо the high​ оf $0.4498.

The next major support level​ іs​ at $0.40.​ If there​ іs​ a break​ tо the downside and​ a close below the $0.40 level, the price may continue​ tо fall towards the $0.3750 support​ іn the near term.

Hourly MACD: The MACD for the XRP/USD​ іs now floating​ іn the bearish territory.

Hourly RSI (Relative Strength Index): The RSI for XRP/USD​ іs now below the​ 50 line.

Major support levels: $0.4050 and $0.400.

Major resistance​: $0.420 and $0.4380.

XRP Forecast

According​ tо CryptoPredictions, XRP started July 2024​ at $0.47544675090177 and​ іs predicted​ tо end the month​ at $0.55394279292714. During July, the maximum predicted price for XRP​ іs $0.72687413687105 and the minimum​ іs $0.47544675090177.

The XRP price for today (07/08/2024)​ іs predicted​ tо​ be​ іn the range​ оf $0.38082713419121​ – $0.56003990322237. XRP​ іs predicted​ tо close today​ at $0.4480319225779.

XRP price​ іs predicted​ tо open tomorrow (07/09/2024)​ іn the range​ оf $0.39225194821695​ – $0.57684110031905. XRP​ іs predicted​ tо start tomorrow​ at $0.46147288025524 and end the day​ at $0.46608760905779.

By Audy Castaneda


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