🔥🔥🔥 $XRP Price Turns Red Again: What’s Next for the Crypto?

XRP price started a fresh decline after failing near $0.5570. The price is now correcting gains and could see a significant drop if it breaks below the 100-hourly SMA.

Key Points:

- Resistance and Decline: XRP struggled near $0.5570 and has since trimmed gains.

- Current Trading: The price is now below $0.5350 and the 100-hourly Simple Moving Average.

- Bearish Trend Line: There is a connecting bearish trend line with resistance at $0.5320 on the hourly chart (data source from Kraken).

- Crucial Support: The pair must stay above the 100-hourly SMA to avoid a sharp decline.

Price Analysis:

- XRP faced resistance near $0.5570 after a steady increase, forming a short-term top and starting a fresh decline from $0.5571, similar to #bitcoin and #Ethereum . The price dropped below $0.5420 and the 50% Fib retracement level of the upward move from $0.5065 to $0.5571. It even spiked below $0.5250 and the 100-hourly Simple Moving Average.

- However, the bulls are protecting the 61.8% Fib retracement level of the upward move from $0.5065 to $0.5571. Currently, XRP is trading above $0.5250 and the 100-hourly SMA.

- Immediate resistance is near $0.5310, with a bearish trend line forming resistance at $0.5320 on the hourly chart. The first key resistance is near $0.5350. A close above this resistance could push the price higher, with the next resistance at $0.5450. If the bulls clear this level, XRP could see a steady increase towards $0.5570, and potentially $0.5650.

Potential Downside:

- If XRP fails to clear the $0.5350 resistance, it could continue to decline. Initial support is near $0.5250 and the 100-hourly SMA. The next major support is at $0.5185. A break and close below $0.5185 could lead to increased bearish momentum, possibly pushing the price down to $0.5065.

Technical Indicators:

- MACD: The MACD for XRP/USD is gaining pace in the bearish zone.

- RSI: The RSI for XRP/USD is below 50.

- Support Levels: $0.5250, $0.5185

- Resistance Levels: $0.5350, $0.5450

Source - newsbtc.com