The XRP price has been facing challenges in recovering above the critical $0.5050 resistance zone. Despite attempting a recovery wave above $0.4920, similar to Ethereum and Bitcoin, XRP failed to sustain its momentum. The bears remained active near $0.5050, leading to a decline in price once again.
XRP is currently trading below $0.500 and the 100-hourly Simple Moving Average, indicating a bearish outlook. There was a significant break below a connecting bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair, sourced from Kraken. The pair could potentially experience a heavy decline if it breaches the $0.480 support zone.
The hourly MACD for XRP/USD is now gaining momentum in the bearish zone, while the hourly RSI has dipped below the 50 level. These technical indicators suggest a continuation of the current downtrend for XRP price.
On the upside, the XRP price faces resistance near the $0.4920 level, with the first key resistance at $0.4950 and the next major resistance at $0.500. A close above the $0.500 resistance zone could potentially drive the price higher towards $0.5050, followed by further resistance at $0.5250 and $0.5350.
If XRP fails to break above the $0.4950 resistance zone, it is likely to continue its downward trajectory. Initial support on the downside is expected near the $0.480 level, with the next major support level at $0.4740. A breach and close below $0.4740 could accelerate the price even lower, potentially retesting the $0.4550 support in the near term.
The XRP price is struggling to recover above key resistance levels and is facing the risk of further decline. The bearish momentum below $0.500 and technical indicators signaling downward trends highlight the challenges ahead for XRP. Traders and investors need to closely monitor the price action and key support levels to assess the future movements of XRP in the volatile cryptocurrency market.
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