👉👉👉 $XRP Price Grinds Lower: Searching for Support Amid Downtrend
XRP Price Analysis and Market Outlook
XRP has experienced extended losses, falling below the $0.5220 support zone and testing the $0.5120 support. It is currently attempting a recovery towards $0.550.
Current Situation:
- Price Struggle: XRP is struggling to increase above the $0.5320 resistance.
- Trading Levels: It is below $0.530 and the 100-hourly Simple Moving Average (SMA).
- Bearish Trend Line: A major bearish trend line is forming with resistance near $0.5230 on the hourly chart (source: Kraken).
Key Analysis:
- Short-Term Bearish Zone: Similar to Bitcoin and Ethereum, XRP has remained bearish. The price dropped below $0.5220, testing $0.5120 support. A low of $0.5126 was formed, and the price is attempting to recover, moving above $0.5165 and the 23.6% Fib retracement level.
- Resistance and Potential Growth: XRP faces resistance at $0.5220 and $0.5230. The first key resistance is at $0.5265, around the 50% Fib retracement level of the recent downward wave. A close above $0.5265 could lead to higher targets at $0.5320, $0.5450, and potentially $0.5650.
Downside Risks:
- Support Levels: Initial support is near $0.5150, with major support at $0.5120. A break below $0.5120 could lead to a retest of the $0.50 support.
- Technical Indicators: The hourly MACD is losing pace in the bearish zone, and the RSI is below 50.
Support and Resistance Summary:
- Major Support Levels: $0.5120, $0.500
- Major Resistance Levels: $0.5220, $0.5320
Overall, while XRP is currently facing resistance and is trading below key moving averages, a break above the $0.5265 resistance could signal a potential recovery. However, failure to clear these resistance levels could lead to further declines.
Source - newsbtc.com
