🔥🔥🔥 $XRP Price Falls Below Support, #BEARISH📉 Momentum Builds

XRP Price Faces Decline After Failing to Clear $0.60 Resistance

XRP is showing signs of bearish momentum after failing to break through the $0.60 resistance zone, with the price now testing key support levels and potentially heading for further losses.

XRP Price Struggles Below $0.60

- After a brief rally above $0.55, XRP attempted to push past the $0.60 resistance but fell short, forming a high at $0.5989. The price has since corrected, moving below $0.5750 and breaking a key bullish trend line at $0.5850 on the hourly chart (data source from Kraken). It also tested the 50% Fibonacci retracement level from the $0.5234 low to the $0.5989 high.

Trading Below Key Levels

- XRP is now trading below $0.5690 and the 100-hour Simple Moving Average (SMA). On the upside, resistance lies near $0.5720 and the 100-hour SMA, with major resistance at $0.580 and $0.5850. A successful break above $0.5850 could send the price back toward $0.5980 and possibly the $0.60 resistance zone, with further gains targeting $0.6120 or $0.620.

Further Decline Possible?

- If XRP fails to break through the $0.5720 resistance, further downside movement is likely. Initial support lies at $0.5550, followed by $0.5420 (near the 76.4% Fib retracement level). A break below $0.5420 could drive the price down to the $0.530 support level, with the next major support at $0.5250.

Technical Indicators

- Hourly MACD: Gaining momentum in the bearish zone.

- Hourly RSI: Currently below the 50 level, indicating bearish pressure.

- Key Support Levels: $0.5550 and $0.5420

- Key Resistance Levels: $0.5720 and $0.5850

Source - newsbtc.com