- XRP is encountering significant resistance at the $0.4880 level, making its recovery challenging.
- The cryptocurrency is currently trading beneath its 100-hourly Simple Moving Average, indicating a bearish outlook.
- An observed bearish trend line with resistance at $0.4810 is influencing the pair’s hourly chart.
Stay informed about the latest movements in XRP price as it faces potential bearish trends and attempts to break key resistance levels.
XRP Price Continues Its Downward Trend
Despite the XRP price’s efforts to climb above the $0.4880 resistance zone, bearish forces have kept it below this level. Recently, it reached a peak at $0.4884 but soon retreated in a manner similar to Bitcoin and Ethereum’s latest moves.
The price has declined past $0.4850 and $0.4800, even touching the $0.4720 support level. Currently, XRP is consolidating its losses, positioned below the $0.4850 mark and the 100-hourly Simple Moving Average.
Key Resistance Levels in Focus
In the event of a price increase, XRP will face significant obstacles around the $0.4765 level. This is near the 23.6% Fibonacci retracement level, calculated from the recent $0.4884 high to the $0.4722 low. The major resistance level remains near $0.4810, alongside a connecting bearish trend line. A breakthrough above the $0.4820 resistance could steer the price towards the $0.4880 mark and beyond, with subsequent targets at $0.50 and $0.5120.
Potential for Further Declines
If XRP fails to overcome the $0.4820 barrier, it may continue its downward path. Initial support is seen near the $0.4720 level, with more critical support at $0.4650. A decisive break below this point could lead to a sharper decline, potentially dropping below the $0.4500 threshold in the short term.
Technical Indicators Suggest More Bearish Momentum
The technical indicators highlight a bearish trend for XRP. The hourly MACD is gaining traction in the bearish zone, while the RSI has fallen below 50, indicating weakening momentum. Support levels are present at $0.4720 and $0.4650, and resistance levels are defined at $0.4820 and $0.4880.
Conclusion
In conclusion, XRP continues to face downward pressure, struggling to clear the $0.4820 resistance. Traders should closely monitor the support level at $0.4650, as a breakdown below this could signify further losses. The market remains cautious as XRP attempts to navigate its current bearish trend.
