XRP Struggles to Sustain Growth
Despite reaching a high near $0.5300, XRP faced significant resistance and experienced a downward trend. Currently trading below $0.5150 and the 100-hourly Simple Moving Average, XRP encountered some hurdles along the way.
Break Below Key Support Level
- XRP attempted to break through the $0.5300 barrier but failed, initiating a fresh decline.
- There was a notable break below a crucial contracting triangle with support at $0.520 on the XRP/USD hourly chart sourced from Kraken.
Potential for Bearish Momentum
With the latest developments, there is a possibility of bearish momentum gaining strength, especially if XRP closes below the $0.500 mark.
XRP Price Turns Red
After a period of steady increase, XRP came up against resistance at the $0.530 mark. A peak was established at $0.5293, prompting a correction that saw the price drop below $0.5220.
This decline was further intensified by the breach of the 50% Fib retracement level from the recent upward swing. Additionally, the breaking of a key contracting triangle support level at $0.520 added to the bearish sentiment.
Currently, the price hovers below $0.5150 and the 100-hourly Simple Moving Average, facing immediate resistance near the $0.5150 level with a major barrier at $0.520.
Possibility of Further Losses
Should XRP fail to overcome the $0.5150 resistance, a continuation of the downward movement is likely. The initial support stands at around $0.5045 or the 76.4% Fib retracement level, with a crucial support level at $0.500.
If the price drops below $0.4965 and closes lower, it could significantly accelerate the downward trend, testing the support at $0.4840 in the near future.
Technical Outlook
- Hourly MACD – The MACD for XRP/USD indicates a shift towards the bearish side.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
- Major Support Levels – $0.5040 and $0.5000.
- Major Resistance Levels – $0.5150 and $0.5200.
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