XRP Price Analysis: Will It Hold Above Critical $0.4700 Support?

• XRP price recently fell below the critical support level of $0.4840, signaling possible further losses on the horizon.
• The cryptocurrency is now trading under $0.4880 and is struggling with a downward trend connected to its 100-hourly Simple Moving Average.
• Analysts observe a bearish trend line with resistance around the $0.4880 mark on the XRP/USD hourly chart, hinting at limited recovery potential above $0.4920.

Analyzing XRP’s struggle below $0.4840: What does it mean for investors?

XRP’s Continuing Decline

Following a failed attempt to reclaim the $0.4950 resistance level, XRP entered a downward trajectory, dipping from its $0.4981 high. This movement pushed the price past the $0.4880 and $0.4850 thresholds.

XRP’s value further slumped below $0.4800, reaching a low of $0.4746. Currently, the token is consolidating these losses while testing the 23.6% Fibonacci retracement level of its recent fall from the $0.4981 peak to the $0.4746 trough. The trading price remains below $0.4920 and the 100-hourly Simple Moving Average.

Resistance and Potential Recovery

If support at $0.4740 holds, XRP might see a short-term recovery. Immediate resistance is anticipated around $0.4820. The primary hurdle is expected at $0.4850, aligning with the 50% Fibonacci retracement from the $0.4981 top to the $0.4746 low.

A downward trend line featuring resistance near $0.4880 is evident on the hourly XRP/USD chart. Breaking through this level could propel the price to the $0.4950 resistance, with further gains taking the token above $0.5050 and potentially toward $0.5250 or $0.5320.

Risk of Further Declines

If XRP struggles to surpass the $0.4850 resistance, it may continue its descent. Immediate support lies at $0.4740, with significant support expected near $0.4700. A breach below this point could accelerate bearish momentum, targeting the $0.4500 support region.

Conclusion

Technical indicators suggest continued bearish momentum for XRP, with the Hourly MACD deepening in the bearish zone and the RSI holding below 50. Essential support levels to watch include $0.4740 and $0.4700, while resistance is noted at $0.4850 and $0.4920. Investors should brace for further volatility, with key resistance and support levels playing decisive roles in XRP’s near-term trajectory.