Struggling XRP Price Seeks Recovery
XRP is facing challenges in breaking above the $0.5250 resistance level, keeping it in a bearish position. The price has dropped below $0.5150 and the 100-hourly Simple Moving Average, indicating a struggle for a bullish momentum.
Bearish Trend Line Indicates Resistance
There is a notable bearish trend line forming with resistance around $0.5180 on the hourly chart of the XRP/USD pair sourced from Kraken. This trend line poses a significant obstacle for XRP’s price movement, potentially leading to further downward movement if the price remains below $0.5250.
- If the price fails to break above $0.5180, there is a possibility of continued downward movement.
- Immediate support levels are at $0.5120 and $0.5080, with a potential revisit of the $0.50 support level if a significant break occurs.
Price Extension and Resistance Levels
XRP’s price has extended its losses, failing to start a recovery wave above the $0.5220 support zone. The price dipped below $0.5120, reaching a low of $0.5080 before showing signs of a fresh recovery attempt.
- Resistance near $0.5180 and the lack of a substantial breakthrough indicates a struggle for XRP’s price to gain momentum.
- A key resistance zone lies at $0.5250, with significant resistance likely at the 50% Fib retracement level of the downward wave.
Possible Upside Movement
If XRP manages to break above the $0.5250 resistance level, a potential upward movement may take the price towards $0.5320 and further to $0.5450. Continued gains could lead the price to test the $0.5650 resistance level.
Downside Scenarios and Technical Indicators
In case XRP fails to surpass the $0.5180 resistance zone, further downside movement is likely. The $0.5120 and $0.5080 support levels would be crucial in avoiding a significant decline in price.
- Hourly MACD shows a decline in the bearish zone, indicating weakening momentum.
- Hourly RSI is below the 50 level, suggesting a lack of strength in the current price movement.
- Key support levels are at $0.5120 and $0.5080, while major resistance levels lie at $0.5180 and $0.5250.
Hot Take: Conclusion for XRP Investors
XRP’s current price struggle highlights the need for a breakthrough above key resistance levels to indicate a potential upward movement. However, failure to do so could result in further downside pressure, with support levels crucial in determining the future price action for XRP traders.
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