The XRP price recently faced resistance near the $0.5320 mark and began a downward correction. This led to a drop below $0.5250 and the 100-hourly Simple Moving Average. The current price action suggests a potential test of the $0.5180 support level, with a further downside move towards the $0.5120 support zone also on the cards.
A connecting bearish trend line is forming with resistance near $0.5250 on the hourly chart for the XRP/USD pair. This resistance point could determine the future direction of the XRP price. The bears are currently active near the 61.8% Fib retracement level, while the bulls are hopeful for an upside move towards the $0.5300 level.
Potential Bullish Scenario
If XRP manages to break above the $0.5320 resistance zone, it could signal a positive trend reversal. This would open up the path for further gains, with key resistance levels at $0.5450, $0.5520, and potentially even $0.5650. A close above $0.5450 could pave the way for a steady increase in the XRP price.
Possible Bearish Scenario
Should XRP fail to clear the $0.5250 resistance zone, a continued downward movement is likely. Initial support is expected near the $0.5165 level, followed by a major support zone at $0.5120. A break below $0.5120 could accelerate the downward momentum, potentially leading to a retest of the $0.5020 support level in the near future.
The Hourly MACD for XRP/USD is currently showing a loss of momentum in the bearish zone, indicating a possible continuation of the downward trend. The Hourly RSI is below the 50 level, further supporting the bearish sentiment in the market.
The XRP price movement is currently at a crucial juncture, with key resistance and support levels determining the future trajectory. Traders and investors should closely monitor the price action around the $0.5250 resistance zone for potential trading opportunities.
Leave a Reply