Recently, the cryptocurrency market has been experiencing fluctuations, and XRP's price is also affected. Especially unable to surpass the $0.530 resistance level, #XRP has entered a downtrend again. The price falling below the $0.5150 level has brought several negative signs.
Key Levels to Watch for XRP Price
In recent days, XRP struggled around the $0.5300 level but failed and the price started to decline. Currently, XRP is trading above $0.5150. A break below a significant contracting triangle with support at $0.520 on the hourly chart of the XRP/USD pair occurred. This indicates that if the pair drops below the $0.500 level, the downward momentum could accelerate further.
After an upward movement, XRP's price faced resistance near the $0.530 region. The highest level recorded was $0.5293, and from this point, the price started a downward correction similar to other major cryptocurrencies like Bitcoin and Ethereum. The price dropped below the $0.5220 level, passing a significant threshold.
A break below a significant contracting triangle with support at $0.520 occurred on the hourly chart of the XRP/USD pair. This break caused concern in the markets and led to the price dropping below the $0.5150 level.
Will There Be More Losses?
XRP is struggling to surpass the $0.52 resistance area, causing concerns among investors. If this resistance cannot be overcome, further declines in XRP's price might be expected.
According to technical analysis, the first downward support level for XRP is at $0.5045. If the price falls below the $0.5045 level, we might see a decline towards the next critical support level at $0.500. The main support is currently positioned around $0.4965. If the price falls below this level and closes there, a sharper decline in XRP's price might occur.
If this scenario happens, the cryptocurrency XRP's price might test the support at $0.4840 in the near term. Such a decline could be a significant warning sign for investors and cause panic in the market.
Technical indicators also support this possibility of a decline. The hourly MACD (Moving Average Convergence Divergence) indicator is currently gaining momentum in the bearish zone. This indicates that the downtrend is strengthening. Similarly, the hourly RSI (Relative Strength Index) is also below the 50 level, indicating that selling pressure dominates the market.
