XRP Price Shows Bearish Signs
XRP has been experiencing bearish movements, struggling to break the $0.525 and $0.512 resistance levels. Currently, the price is below $0.520 and the 100 simple moving average (4 hours). On the 4-hour chart of the XRP/USD pair, there was a break below a key contracting triangle with support at $0.5220.
This puts the pair at risk of further downsides below the $0.5000 support zone.
XRP Price Takes Hit
In recent days, XRP has seen significant bearish moves, dropping below the $0.550 support level. Unlike Bitcoin and Ethereum, XRP’s recovery wave was hindered by active bears near the $0.5500 resistance.
Starting from a high of $0.5389, the bears pushed the price below $0.5200, resulting in a steady decline and a break below the key contracting triangle with support at $0.5220 on the 4-hour chart of XRP/USD.
The price is currently trading below $0.520 and the 100 simple moving average (4 hours), consolidating losses after reaching a low near $0.5012.
Key Downside Break?
If XRP fails to surpass the $0.5200 resistance zone, it may continue its downward movement. The initial support on the downside is around $0.502, followed by a major support level at $0.500.
A downside break and close below $0.500 could lead to an acceleration in XRP’s price drop, potentially retesting the $0.450 support zone.
Hot Take: XRP Faces Uphill Battle for Recovery
XRP’s price is struggling to break key resistance levels and is currently showing bearish signs. With the price trading below the 100 simple moving average (4 hours) and facing resistance at $0.520, it remains at risk of further downsides.
To regain bullish momentum, XRP needs to surpass the $0.520 resistance zone and continue its upward trajectory. However, failure to do so could result in a significant decline, with major support levels at $0.505, $0.500, and $0.450.
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