XRP has experienced extended losses, falling below the $0.5220 support level. Despite testing the $0.5120 support and attempting a recovery wave towards $0.550, the cryptocurrency is struggling to surpass the $0.5320 resistance zone. Currently, XRP is trading below $0.530 and the 100-hourly Simple Moving Average, indicating a bearish trend.
The hourly MACD for XRP/USD is showing a decrease in bearish momentum, while the hourly RSI is below the 50 level. This suggests that XRP may continue to face challenges in the short term.
If XRP fails to break above the $0.5320 resistance level, there is a possibility of further downward movement. Initial support is expected near $0.5150, followed by a major support at $0.5120. A break below $0.5120 could lead to a more significant decline, possibly retesting the $0.50 support level.
On the upside, XRP is encountering resistance near the $0.5220 level, with a major bearish trend line forming around $0.5230. The first key resistance lies at $0.5265, followed by the $0.5320 level. If XRP manages to surpass these resistance levels, it could aim for a steady increase towards $0.5450 and potentially $0.5650.
XRP is currently facing resistance levels and struggling to initiate a bullish trend. The technical indicators are showing signs of weakness, indicating that further downside movement could be expected. Traders and investors should closely monitor the key support and resistance levels to assess the future price direction of XRP.
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