$XRP price extends losses and faces key resistance levels
â XRP price has continued to decline, falling below the $0.5120 support zone and testing the $0.5080 level.#cryptocurrencyis now attempting a recovery wave towards $0.5350.
Current Market Struggles
- XRP is having a difficult time starting a new rise 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 is forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair (data source: Kraken). If the price stays below $0.5250, further declines could be expected.
XRP Price Analysis
- XRP remains in a short-term bearish zone, like#bitcoinand #Ethereum. It failed to initiate a recovery and extended losses below the $0.5220 support, falling further to $0.5080. Now,
- XRP is trading below $0.520 and the 100 hourly SMA. Resistance is at $0.5180, reinforced by a downtrend line. The first significant resistance is at $0.5250, the 50% Fibonacci retracement of the recent decline. Closing above $0.5250 could take 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 fall. Initial support on the downside is near $0.5120, with the next major support at $0.5080. A break lower and a close below $0.5080 could accelerate the decline, which could lead 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
Main resistance levels
-$0,5180, $0,5250
Source â newsbtc.com
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