👀XRP Price Faces Uphill Battle: Struggles to Initiate Fresh Upside

XRP price experienced a recovery attempt, surpassing the $0.50 resistance levels. However, it faced resistance near $0.5120 and started correcting lower.

📉 Current Price Action

The price is now below $0.5050 and the 100-hourly Simple Moving Average (SMA). Bulls are active above the 61.8% Fib retracement level, aiming to prevent further losses.

📈 Key Levels to Watch

Immediate resistance lies near $0.5040 and the 100-hourly SMA. A short-term declining channel is forming with resistance at $0.5040. Breaking above $0.5060 could lead to further gains towards $0.5120 and potentially to $0.5250.

📉 Potential Downside

Failure to clear the $0.5040 resistance might result in more losses. Initial support is at $0.4965, followed by a major support at $0.4925. A close below $0.4925 could trigger further downside towards the $0.4865 support zone.

📊 Technical Indicators

The hourly MACD for XRP/USD is showing signs of losing pace in the bearish zone, while the hourly RSI is currently below the 50 level.

The XRP market remains volatile with key resistance and support levels closely monitored for potential breakout or breakdown scenarios.