XRP Price Continues to Drop 😱 Find Out Why 📉

Key Points for XRP Traders

XRP price fails to break above $0.4800 resistance barrier.

Trading below $0.4750 and the 100-hourly Simple Moving Average.
Bearish trend line forming with resistance at $0.4720.
Possible rejections near $0.4720 and $0.480.

XRP Price Retreats

XRP price made an effort to recover above $0.4720, similar to Bitcoin and Ethereum, but met resistance as expected near $0.480. The price peaked at $0.4797 before beginning a fresh decline.

Subsequently, it dropped below both $0.4750 and $0.4720 levels. The price even fell below the 50% Fib retracement level from the recent swing low at $0.4619 to the high at $0.4797. Furthermore, a significant bearish trend line is forming with resistance at $0.4720 on the XRP/USD hourly chart.

While currently below $0.4750 and the 100-hourly Simple Moving Average, the price is finding some buying interest near the 61.8% Fib retracement level from the $0.4619 low to the $0.4797 high.

Resistance levels are seen at $0.4720, with the primary hurdle at $0.4750 and the critical level at $0.480.

A decisive breakthrough above $0.480 could propel the price towards $0.4850, followed by significant resistance near $0.500. Surpassing this level may lead to further gains towards $0.5120, ultimately aiming for the $0.5250 threshold.

Potential for Further Losses

If XRP struggles to surpass the $0.4720 mark, downside movement may persist. Initial support rests at $0.4680, followed by a significant level at $0.4620.

A breach below $0.4620, coupled with a close below this level, could trigger continued downward movement. In this scenario, the price might even dip below the $0.4320 support in the short term.