Struggling XRP Price Near $0.50
As a crypto enthusiast, you may have noticed that XRP is currently struggling to gain momentum to move above the $0.5120 level. The price of XRP is now trading below $0.5050 and the 100-hourly Simple Moving Average. In addition, there is a short-term declining channel forming with resistance at $0.5040 on the hourly chart of the XRP/USD pair sourced from Kraken.
- XRP is facing challenges in breaking above the $0.5120 resistance level.
- The price is currently below $0.5050 and the 100-hourly Simple Moving Average.
- A short-term declining channel is forming with resistance at $0.5040 on the hourly chart of XRP/USD.
- A potential decent increase may occur if there is a close above the $0.5120 resistance level.
XRP Price Movement Analysis
Yesterday, XRP experienced a recovery wave similar to Bitcoin and Ethereum. The price managed to surpass the $0.4950 and $0.50 resistance levels, reaching above $0.5100. However, bears became active near the $0.5120 resistance, resulting in a correction of gains. There was a decline below the 50% Fib retracement level from the swing low of $0.4865 to the high of $0.5120.
Currently, the price is below $0.5050 and the 100-hourly Simple Moving Average, but bulls are defending the 61.8% Fib retracement level from the swing low of $0.4865 to the high of $0.5120. Immediate resistance is seen at $0.5040 along with the 100-hourly Simple Moving Average. Additionally, a short-term declining channel with resistance at $0.5040 is forming on the XRP/USD hourly chart.
- The first key resistance is at $0.5060, followed by the crucial level of $0.5120.
- A successful break above $0.5060 might signal an upward trend continuation.
- If bulls maintain control above $0.5120, a rally towards $0.5250 and potentially $0.5350 could be observed.
Potential Further Losses for XRP Price
However, if XRP fails to breach the $0.5040 resistance zone, it may continue its descent. Initial support is anticipated near $0.4965, with a significant support level at $0.4925. A downside break and close below $0.4925 could lead to accelerated losses, potentially dipping below the $0.4865 support zone.
Key Technical Indicators:
- Hourly MACD β XRP/USD’s MACD is indicating a loss of bearish momentum.
- Hourly RSI β The Relative Strength Index (RSI) for XRP/USD is currently below the 50 level.
- Major Support Levels β $0.4965 and $0.4925.
- Major Resistance Levels β $0.5040 and $0.5120.
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