XRP Price Faces Bearish Momentum: Key Supports at $0.480 and $0.474

  • XRP price has been struggling to break past the $0.5050 resistance level.
  • The cryptocurrency is currently experiencing bearish pressure below the $0.500 support line.
  • Significant technical indicators signal a potential downward push if the $0.480 support fails to hold.

Get the latest insights on XRP’s price action and potential bearish trends in our comprehensive analysis.

XRP Faces Resistance Below $0.5050

Recent attempts by XRP to stage a recovery above the $0.4920 mark, similar to trends seen with Ethereum and Bitcoin, have been thwarted. Although the token managed to climb above the $0.500 resistance zone, selling pressure emerged near the $0.5050 level.

A high was observed at $0.5053, after which the price began to decline. There was a notable move below critical support levels at $0.4980 and $0.4950. This price action brought it below the 23.6% Fibonacci retracement level of the upward move from the $0.4533 low to the $0.5053 high.

Furthermore, the break below a bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair signifies bearish sentiment. Currently, XRP trades above the 50% Fibonacci retracement level of the same recovery wave, but remains under the $0.50 mark and the 100-hourly Simple Moving Average (SMA).

Resistance points are forming around $0.4920, with the first key barrier at $0.4950, followed by significant resistance at $0.500.

Bearish Potential and Key Levels

If XRP cannot overcome the $0.4950 resistance, further declines are possible. Initial support is found at the $0.480 level, with stronger support at $0.4740. A decisive break below $0.4740 could see the price accelerating downwards, potentially revisiting the $0.4550 support.

Technical indicators bolster this outlook. The hourly MACD (Moving Average Convergence Divergence) is gaining bearish momentum, suggesting increased selling pressure. Additionally, the hourly RSI (Relative Strength Index) has dipped below the 50 mark, indicating a tilt towards bearish conditions.

Technical Analysis and Future Outlook

XRP’s current technical setup shows critical support levels at $0.4800 and $0.4740, and resistance levels at $0.4950 and $0.5050. Sustained trading below $0.500 and the 100-hourly SMA could cement the bearish trend, potentially triggering further losses. However, a solid close above $0.500 and subsequently $0.5050 could counteract this trend, paving the way for a move toward $0.5250 and beyond.

Conclusion

The next few trading sessions are crucial for XRP as it navigates significant resistance and support levels. Traders should monitor price action around $0.480 and $0.4950 closely, as breaks in either direction could signal pivotal moves. With multiple factors at play, including broader market trends and key technical indicators, XRP’s price trajectory remains uncertain but warrants close attention.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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