XRP Struggles to Break Resistance Levels
Despite a brief recovery, XRP is facing strong resistance at $0.550 and $0.570. The price has dropped below $0.5420 and the 100 simple moving average (4 hours). On the 4-hour chart of the XRP/USD pair, a bearish trend line is forming with resistance near $0.540.
XRP Price Aims for Recovery
After a decent recovery, XRP faced heavy resistance near the $0.6200 zone and started a fresh decline. The price dropped below $0.600 and $0.570, testing the $0.5180 zone. It is now consolidating losses and trading below the 100 simple moving average (4 hours).
The immediate resistance is near the $0.540 zone or the bearish trend line. The first key resistance is at $0.550, followed by a major resistance at $0.570.
Possible Further Losses
If XRP fails to break the $0.550 resistance, it could experience another decline. Initial support lies at the $0.5180 zone, with major support at $0.5120. A downside break and close below $0.5120 might lead to a retest of the $0.500 support level.
Technical indicators show that the MACD for XRP/USD is in the bearish zone on the 4-hour chart, while the RSI is below 50.
Hot Take: XRP’s Road to Recovery Faces Resistance
XRP continues to struggle against strong resistance levels, hindering its recovery efforts after facing heavy selling pressure near the $0.6200 zone. The price has dropped below key support levels and is now consolidating losses. While a close above the $0.570 resistance could trigger a strong increase, failure to break the $0.550 resistance may result in further losses. Traders should closely monitor the support and resistance levels to gauge XRP’s future price movements.
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