Struggling to Gain Momentum: XRP Facing Resistance
XRP is currently struggling to gain bullish momentum above the $0.5350 resistance zone, with the price trading below $0.530 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance near $0.5265 on the hourly chart of the XRP/USD pair. Here are the key points to consider:
- XRP’s price is below $0.530 and the 100-hourly SMA
- A bearish trend line is forming with resistance near $0.5265
- A fresh increase may occur unless the price dips below $0.5220
XRP Price Revisits Support
XRP recently saw a bearish movement below the $0.5320 zone, leading to a drop below $0.5250 before a recovery. After forming a low at $0.5212, the price is now consolidating losses, facing resistance near $0.5300. Here are the latest developments:
- A recovery attempt above the 23.6% Fib retracement level was made
- Immediate resistance is near $0.5265, with a key resistance at $0.5320
- A close above $0.5320 could signal a bullish breakout towards $0.540
More Downsides?
If XRP fails to surpass the $0.5320 resistance zone, a continuation of the downside movement may be seen. Initial support lies near $0.5220, with a major support level at $0.5120. Here’s what to watch for:
- Failure to clear $0.5320 could lead to further bearish pressure
- A close below $0.5120 might result in a decline towards $0.50
- Key support levels are at $0.5220 and $0.5120
Technical Indicators
Technical indicators suggest a bearish outlook for XRP in the short term:
- Hourly MACD is gaining momentum in the bearish zone
- Hourly RSI is currently below the 50 level
- Major support levels are at $0.5220 and $0.5120
- Major resistance levels are at $0.530 and $0.5320
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