The XRP price continues to face downward pressure, extending its losses below the crucial $0.5650 support level. The current price action suggests a bearish outlook, with the possibility of further declines below the $0.540 mark.
Key Highlights:
XRP has entered a fresh downtrend, falling below the $0.600 zone.
The price is currently trading under $0.5650 and the 100-hour Simple Moving Average.
A bearish trend line is forming, with resistance near $0.5560 on the hourly chart for the XRP/USD pair (data source: Kraken).
The pair might see a recovery attempt if it can break through the $0.5650 resistance.
XRP Price Turns Bearish
XRP failed to maintain support above the $0.60 level, leading to extended losses similar to those seen in Bitcoin and Ethereum. The price dropped below key support levels at $0.5650 and $0.5550, pushing it further into bearish territory.
Recently, XRP tested the $0.5440 level, marking a new low. The price is currently consolidating these losses, with attempts to initiate a recovery wave toward the 23.6% Fibonacci retracement level from the recent decline, spanning from a $0.5721 swing high to a $0.5440 low.
Despite these attempts, XRP remains below $0.5650 and the 100-hour Simple Moving Average. On the upside, resistance is expected around the $0.5550 mark, with a significant challenge near the $0.5560 level, where a bearish trend line is also forming on the hourly chart.
This trend line aligns closely with the 50% Fibonacci retracement level of the aforementioned decline. Should the price clear the $0.5650 resistance, it might climb towards $0.5720, with further resistance around $0.5840. Sustained gains could potentially push XRP back to the $0.5920 or even the $0.60 level in the near term.
Potential for More Losses?
If XRP fails to break through the $0.5650 resistance, it may face further declines. Initial support on the downside is near $0.5440, with a more substantial support level at $0.5320.
A break and close below $0.5320 could lead to continued declines, targeting the $0.5220 support level in the short term, with the next major support at $0.5150.
Technical Indicators:
Hourly MACD: The MACD for XRP/USD is gaining momentum in the bearish zone.
Hourly RSI: The RSI for XRP/USD is currently below the 50 level, indicating a bearish trend.
Major Support Levels: $0.5440 and $0.5320.
Major Resistance Levels: $0.5560 and $0.5650.
XRP's immediate future hinges on its ability to overcome these resistance levels and break free from the current downtrend.
Notice:
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