XRP price failed to recover above the $0.5050 resistance zone and is now moving lower, potentially gaining bearish momentum below the $0.480 support. The price is currently trading below $0.500 and the 100-hourly Simple Moving Average, with a break below a connecting bullish trend line at $0.4950 on the hourly chart of the XRP/USD pair. If the pair breaks the $0.480 support zone, it could see a significant decline.
Despite an attempt at a recovery wave above $0.4920, XRP price faced resistance near $0.5050 after climbing above the $0.500 zone. The price has since dropped below $0.4980 and $0.4950 support levels, also breaking the 23.6% Fib retracement level of the recovery wave. The pair is now trading just above the 50% Fib retracement level, remaining below $0.50 and the 100-hourly Simple Moving Average. Key resistance levels for XRP include $0.4920, $0.4950, and $0.500.
A close above the $0.500 resistance zone could lead to a further price increase for XRP, with the next key resistance at $0.5050. If this level is breached, the price may continue to rise towards $0.5250 and possibly $0.5350. However, failure to clear the $0.4950 resistance zone could result in further downside movement, with initial support at $0.480 and a major support level at $0.4740. A break below $0.4740 may accelerate lower price movements towards $0.4550.
In terms of technical indicators, the hourly MACD for XRP/USD is currently in the bearish zone, while the hourly RSI is below the 50 level. Major support levels for XRP include $0.4800 and $0.4740, with major resistance levels at $0.4950 and $0.5050. As XRP continues to face resistance and struggles to recover, the future price movements of the cryptocurrency remain uncertain, with potential for both further declines and a possible recovery if key resistance levels are broken. Investors and traders will need to closely monitor price movements and technical indicators to gauge the direction of XRP in the near future.
Discussion about this post