🔥🔥🔥 $XRP Price Struggle Continues: Will It Find Support?
XRP Price Extends Losses, Faces Key Resistance Levels
- XRP's price has continued to decline, dropping below the $0.5120 support zone and testing the $0.5080 level. The #cryptocurrency is now attempting a recovery wave toward $0.5350.
Current Market Struggles
- XRP is having difficulty initiating a fresh increase above the $0.5250 resistance zone. It is currently trading below $0.5150 and the 100-hourly Simple Moving Average (SMA). A key bearish trend line with resistance near $0.5180 is forming on the hourly chart of the XRP/USD pair (data source: Kraken). If the price remains below $0.5250, further declines could be expected.
XRP Price Analysis
- XRP remains in a short-term bearish zone, like #bitcoin and #Ethereum . It failed to start a recovery and extended losses below the $0.5220 support, falling further to $0.5080. Now, XRP is attempting a recovery, moving above $0.5120 and surpassing the 23.6% Fib retracement level from the $0.5405 high to the $0.5080 low.
- XRP is trading below $0.520 and the 100-hour SMA. Resistance is at $0.5180, reinforced by a bearish trend line. The first significant resistance is at $0.5250, the 50% Fib retracement of the recent decline. Closing above $0.5250 could push the price to $0.5320, then $0.5450, and potentially $0.5650 with further gains.
Potential for Further Declines
- If XRP fails to break the $0.5180 resistance zone, it could continue to decline. Initial support on the downside is near $0.5120, with the next major support at $0.5080. A downside break and close below $0.5080 might accelerate the decline, potentially leading the price to retest the $0.50 support level in the near term.
Technical Indicators
- Hourly MACD: The MACD for XRP/USD is losing pace in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD is below the 50 level.
Major Support Levels
- $0.5120, $0.5080
Major Resistance Levels
- $0.5180, $0.5250
Source - newsbtc.com
