The XRP price continued to decline and reached the $0.5240 support level. Currently, the price is consolidating and may find it difficult to initiate a new upward movement.
- The XRP price has further fallen below the $0.5850 range.
- It is now trading beneath $0.580 and the 100-hour Simple Moving Average.
- A significant bearish trend line is forming, showing resistance at $0.5950 on the hourly chart for the XRP/USD pair (data sourced from Kraken).
- The pair may find it challenging to regain ground above the $0.5950 and $0.600 resistance levels.
XRP Price Drops 5%
The XRP price has further decreased, dipping below the $0.600 mark and trailing behind Bitcoin and Ethereum. It dropped sharply beneath the $0.5550 support level.
A low was established at $0.5231, and the price is currently consolidating its losses. There was a slight uptick above the $0.5350 level, but the price remains significantly below the 23.6% Fib retracement level from the downward movement between the $0.6642 swing high and the $0.5231 low.
The price is now trading above $0.5550 and the 100-hour Simple Moving Average. On the upside, it may encounter resistance near the $0.5565 level, with the primary resistance situated around the $0.5950 mark.
Additionally, there is a significant bearish trend line forming that displays resistance at $0.5950 on the hourly chart for the XRP/USD pair, which is near the 50% Fib retracement level from the downward movement between the $0.6642 swing high and the $0.5231 low. The next crucial resistance may be at $0.600. A decisive move above the $0.600 resistance could lead the price towards the $0.6120 resistance level. Further gains might push the price toward $0.6250 or even $0.6320 in the near future.
Further Declines?
If XRP is unable to surpass the $0.5565 resistance zone, it may continue its downward trajectory. Initial support on the downside is located near the $0.530 level, with the next major support around the $0.5240 level.
If there is a downside breach and a close below the $0.5240 level, the price could persist in its decline towards the $0.5050 support level in the near term. The next major support lies close to the $0.500 pivot zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently increasing in momentum within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now positioned below the 50 level.
Major Support Levels – $0.5240 and $0.5050.
Major Resistance Levels – $0.5565 and $0.5950.
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