Summary: XRP Continues to Struggle Below Key Resistance Levels
XRP is facing challenges in breaking above key resistance levels, with the price currently below $0.4850 and the 100-hourly Simple Moving Average. However, there is potential for the cryptocurrency to recover as it finds support near the $0.470 mark. Technical indicators suggest that XRP could experience more losses if it fails to clear the $0.4850 resistance zone. Traders are advised to be cautious and monitor the price movements closely to make informed trading decisions.
XRP Price Finds Support
XRP price failed to recover above the $0.4880 resistance like Ethereum and Bitcoin, leading to extended losses below $0.480 and testing the $0.470 zone. However, a short-term recovery wave is now on the horizon as the price moves above the $0.4750 level and breaks a bearish trend line with resistance at $0.480 on the hourly chart of the XRP/USD pair.
- A low was formed at $0.4701.
- The price climbed above the 23.6% Fib retracement level.
- Price is still trading below $0.4850 and the 100-hourly Simple Moving Average.
The price faces resistance near the $0.4850 level, with key resistance at $0.4880 and $0.4920. A close above $0.4920 could signal a higher price movement, with further resistance at $0.50 and potentially $0.5050. On the downside, support levels are at $0.4750 and $0.4700, with a break below $0.470 signaling a further decline towards $0.4550.
More Losses?
If XRP fails to clear the $0.4850 resistance zone, it could continue to move down towards the $0.4750 support level. A breach below $0.470 may lead to accelerated losses, retesting the $0.4550 support. Technical indicators show the MACD losing bearish momentum and the RSI below the 50 level, indicating potential downside movements in the near term.
- Hourly MACD is losing pace in the bearish zone.
- Hourly RSI is below the 50 level.
- Major Support Levels at $0.4750 and $0.4700.
- Major Resistance Levels at $0.4850 and $0.4920.
Hot Take: Monitor Resistance Levels for XRP Price Movement
XRP is currently struggling to break above key resistance levels, indicating a potential for further losses if the $0.4850 resistance is not overcome. Traders should closely watch the price action, with support levels at $0.4750 and $0.4700, and resistance at $0.4850 and $0.4920. Stay informed and cautious to make strategic trading decisions as XRP navigates through volatile market conditions.
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