👉👉👉 XRP Price Consolidates Below $0.530: What Could Trigger More Losses?
XRP's price is currently in a phase of consolidation above the critical $0.500 support level. However, failure to reclaim the $0.530 resistance zone may lead to further losses.
In recent trading, XRP witnessed a decline below the pivotal $0.530 mark and is currently trading below both $0.5250 and the 100-hourly Simple Moving Average. Despite a minor uptick above the $0.5120 mark, the pair remains below key resistance levels.
A notable development is the breach of a bearish trend line with resistance at $0.5150 on the hourly chart of XRP/USD. Nevertheless, the pair's trajectory still faces resistance near $0.5250 and the 100-hourly SMA.
Immediate resistance lies around the $0.5250 level, aligning closely with the 23.6% Fib retracement level of the recent downward move. However, the pivotal obstacle is at $0.530, coupled with the 100-hourly SMA.
A breakthrough above $0.530 could ignite a robust upward momentum, with the subsequent resistance levels at $0.5465 and potentially $0.580. Further bullish momentum might even propel the price towards the $0.600 mark.
Conversely, failure to breach the $0.530 resistance zone may trigger another downturn. Initial support is expected near $0.5150, followed by the crucial $0.5080 level. A breach below $0.5080 could accelerate losses, leading to a retest of the $0.4840 support area.
Technical indicators depict a bearish scenario, with the hourly MACD losing momentum in the bearish zone and the hourly RSI below the 50 level.
In summary, XRP's price remains in a critical phase, with both bullish and bearish scenarios contingent on breaching key resistance and support levels, respectively.
- Major Support Levels: $0.5150, $0.5080
- Major Resistance Levels: $0.5250, $0.530
Source - newsbtc.com