👉👉👉 $XRP Price Under Siege: Losses Likely to Extend Amid Market Weakness
XRP encountered strong resistance near $0.500 and is now showing bearish signs, potentially dropping below $0.4850 support.
Initially attempting to break above $0.500, XRP faced rejection and is currently trading below both $0.4950 and the 100-hourly Simple Moving Average. On the hourly chart from Kraken, a breached short-term rising channel with support at $0.4920 added to the bearish sentiment.
XRP briefly tested $0.4950 and spiked above $0.500 before reversing near $0.5019, paralleling Bitcoin's decline. It fell below key levels at $0.4980 and $0.4950, also breaking the 50% Fibonacci retracement level from recent swings.
Currently positioned below $0.4950 and the 100-hourly SMA, XRP finds support near $0.4850 and the 61.8% Fibonacci retracement level.
Resistance hurdles include $0.4950, $0.50, and $0.5020, with potential targets at $0.5150, $0.5250, $0.5320, and $0.550 if a breakout above $0.5020 occurs.
Failure to surpass $0.50 may increase downward pressure, with initial support at $0.4850 and stronger support at $0.4765. A breakdown below $0.4765 could intensify selling pressure, potentially pushing XRP below $0.4540.
Technical Indicators:
- Hourly MACD shows increasing #BEARISH📉 momentum.
- Hourly RSI is below the 50 level, indicating bearish sentiment.
Key Levels:
- Support: $0.4850, $0.4765
- Resistance: $0.5020, $0.5150
In summary, XRP faces strong resistance at $0.500 with bearish signals, potentially testing lower support levels under $0.4850 amidst increasing bearish momentum.
Source - newsbtc.com
