- XRP price encountered significant resistance and failed to breach the $0.500 threshold.
- The cryptocurrency is currently experiencing downward pressure, with bearish indicators suggesting further declines below the $0.4850 support level.
- Notably, a break below a short-term rising channel around $0.4920 has further contributed to the bearish outlook.
XRP’s price outlook hinges on key support levels as bearish trends persist.
XRP Price Experiences Decline
In a fresh attempt to climb past the $0.4950 resistance zone, XRP’s price briefly surged above $0.50 but lacked sustained bullish momentum. The peak at $0.5019 was followed by a notable decline, mirroring Bitcoin’s downward trajectory.
The price decrease saw XRP falling below the $0.4980 and $0.4950 marks. In addition, the drop below the short-term rising channel support at $0.4920 on the hourly XRP/USD chart indicated further bearish movement. XRP also slipped below the 50% Fibonacci retracement level from its $0.4765 swing low to the $0.5019 high.
Currently, XRP is trading under both $0.4950 and the 100-hourly Simple Moving Average. The bulls are showing activity near the $0.4850 support and the 61.8% Fibonacci retracement level of the noted upward move.
Potential Upside
To reignite a bullish trend, XRP needs to overcome resistance around $0.4950. The initial significant resistance lies between the $0.50 and $0.5020 levels. A decisive break above $0.5020 could drive XRP towards the $0.5150 and $0.5250 resistance levels. Surpassing $0.5250 could pave the way for a move toward $0.5320, with any further gains potentially targeting $0.550.
Further Downside Risks
If XRP fails to breach the $0.50 resistance, the bearish trend is likely to continue. Immediate support is positioned around the $0.4850 mark.
The next critical support level to watch is $0.4765. A downside breach and closure beneath this point could intensify bearish momentum, potentially driving XRP below the $0.4540 threshold in the near future.
Technical Analysis
MACD Indicator: The MACD for XRP/USD is gaining momentum in the bearish zone, indicating increasing selling pressure.
RSI Indicator: The RSI for XRP/USD is currently below 50, suggesting a bearish trend.
Key Support Levels: $0.4850 and $0.4765 are the primary support zones.
Key Resistance Levels: $0.5020 and $0.5150 are critical resistance points to monitor.
Conclusion
XRP’s recent price action shows a struggle to break through critical resistance levels, leading to a bearish outlook. While there is potential for an upward move if certain resistance levels are breached, the immediate trend indicates further downside risks. Investors should keep an eye on the support levels at $0.4850 and $0.4765, as breaching these points could signal increased bearish momentum.
