XRP Price Struggles Below Key Support Levels Amid Bearish Trend: Can It Recover?

  • XRP has been struggling to begin a new upward trend, particularly above the $0.5250 resistance level.
  • The cryptocurrency is currently trading below $0.5150, as well as below its 100-hour Simple Moving Average.
  • A critical bearish trend line has formed with resistance around the $0.5180 mark on the hourly chart.
  • The XRP/USD pair is likely to continue its downward trajectory unless it can break above the $0.5250 resistance.

XRP is wrestling with recent declines but aims for a recovery wave towards the $0.5350 mark.

XRP Price Faces Extended Losses

In recent trading sessions, XRP continued to remain in a short-term bearish market, much like Bitcoin and Ethereum. Attempts to start a recovery wave were unsuccessful, leading to further losses below the $0.5220 support zone.

The price even breached the $0.5120 support level. A low around $0.5080 was recorded, and XRP is now attempting to initiate a new recovery phase. There was a slight recovery past the $0.5120 level, climbing over the 23.6% Fibonacci retracement level, taken from the $0.5405 swing high to the $0.5080 low.

Despite minor recoveries, XRP is still trading below the $0.5200 mark and under the 100-hour Simple Moving Average. On the upside, resistance is being faced near the $0.5180 level. Additionally, a key bearish trend line with resistance around the $0.5180 level has been identified on the hourly chart.

The initial significant resistance is found near $0.5250, or the 50% Fib retracement level from the $0.5405 high to the $0.5080 low. A decisive close above the $0.5250 resistance zone could propel XRP higher, potentially encountering the next resistance level at $0.5320.

Additional Downsides?

Should XRP fail to break past the $0.5180 resistance, the decline is likely to continue. The first line of support on the downside is near the $0.5120 level.

The following major support is at $0.5080. A breakdown and close below this level could accelerate the downward move. Under such circumstances, the price might drop and possibly retest the critical $0.50 support level in the short term.

Conclusion

To conclude, XRP price action suggests an ongoing struggle to break free from a bearish grip, facing multiple resistance levels that it needs to overcome for any significant recovery. Traders should watch for key resistance and support levels, as breaking them could determine the crypto’s next moves. Continued vigilance and analysis are crucial as XRP navigates through its current market conditions.

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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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