XRP Price Faces Resistance Levels
XRP has been showing bearish signs as it struggles to break above the $0.525 and $0.550 resistance levels. Currently, the price is trading below $0.525 and the 100 simple moving average (4 hours), indicating a bearish trend. On the 4-hour chart of the XRP/USD pair, a bearish trend line is forming with resistance near $0.520.
XRP Price Revisits Key Support
Over the past few days, XRP price experienced a decline below the $0.550 support level, entering a short-term bearish zone below $0.525. It even dropped below $0.500 before finding support around $0.4961. The price is now consolidating losses and has recovered slightly above $0.500.
The immediate resistance lies near the $0.520 zone, where a bearish trend line is also forming on the 4-hour chart of XRP/USD pair. This trend line aligns with the 23.6% Fibonacci retracement level of the downward wave from the swing high of $0.6240 to the low of $0.4960.
Another Drop?
If XRP fails to break above the $0.525 resistance level, it could trigger another decline in price. The initial support lies at around $0.500, followed by a major support at $0.495. A break below this level could lead to further downside momentum, with a potential retest of the $0.450 support zone.
Technical indicators suggest a bearish outlook for XRP as well, with the MACD for XRP/USD losing momentum in the bearish zone and the RSI dropping below 50.
Hot Take: XRP’s Struggle Continues
XRP is facing significant resistance levels and struggling to gain bullish momentum. With the price currently trading below key resistance levels and indicators pointing towards a bearish trend, it seems that XRP may experience further declines in the near future. However, if the price manages to break above the resistance levels, it could spark a strong increase and potentially rally towards higher resistance zones. Traders should closely monitor the $0.525 and $0.550 levels for any signs of a breakout or reversal in XRP’s price.
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