- XRP price experienced a fresh decline from the $0.5320 resistance level.
- Currently, it is testing the $0.5180 support level and might further test the $0.5120 support zone.
- A bearish trend line forms resistance around $0.5250 on the hourly chart of the XRP/USD pair.
Discover the recent fluctuations in XRP price as it faces significant support and resistance levels, providing insights for market participants.
XRP Price Dips Again
The XRP price saw a surge, breaking above the $0.5265 level, akin to the trends observed with Bitcoin and Ethereum. It briefly touched above $0.5300 before encountering resistance from bearish investors.
Having reached a peak at $0.5325, XRP then began a downward correction. It dipped below the $0.5250 support level and crossed under the 50% Fib retracement level from the recent $0.5080 low to the $0.5325 high.
The cryptocurrency is now hovering below $0.5250 and the 100-hourly simple moving average. However, bullish activity is notable near the 61.8% Fib retracement level from the $0.5080 low to the $0.5325 high.
Resistance is currently clustered around the $0.5250 mark, with a bearish trend line forming at this point on the hourly XRP/USD chart. The primary resistance stands around $0.5300, followed by a major resistance zone at $0.5320. Should the price close above this zone, it could climb further, targeting the $0.5450 resistance level.
More Losses?
In case XRP is unable to surpass the $0.5250 resistance zone, it might experience further declines. The initial downside support is identified near the $0.5165 level.
The next essential support level is at $0.5120. A breach and close below this area could accelerate the downward trend, potentially driving XRP towards the $0.5020 support in the short term.
Technical indicators show the hourly MACD for XRP/USD losing momentum within the bearish zone, while the hourly RSI for XRP/USD remains below the 50 mark.
Key support levels are positioned at $0.5165 and $0.5120, with major resistance points located at $0.5250 and $0.5320.
Conclusion
To sum up, the XRP price is currently grappling with significant resistance near $0.5250, with potential for further declines if it fails to break this level. Market participants should keep a close eye on the support levels at $0.5165 and $0.5120, as a decline below these points could lead to more substantial losses. Conversely, a successful break above $0.5320 might open the door for a rally toward higher resistance levels.
