The Continuing Downward Trend of XRP Price

The Continuing Downward Trend of XRP Price

XRP price has been struggling to recover above the $0.5050 resistance zone in recent trading sessions. Despite several attempts at a recovery wave, the price has been unable to gather enough momentum to break through this key level. As a result, XRP is now moving lower and may face further bearish pressure below the $0.480 support level.

XRP is currently gaining bearish momentum below the $0.500 support, signaling a potential downward trend in the short term. The price is trading below $0.500 and the 100-hourly Simple Moving Average, which indicates a strong bearish sentiment in the market. Additionally, a break below a connecting bullish trend line at $0.4950 on the hourly chart of the XRP/USD pair suggests a further decline in price.

XRP price recently attempted a recovery wave above $0.4920, following the lead of other cryptocurrencies like Ethereum and Bitcoin. The price managed to climb above the $0.500 resistance zone but faced resistance near $0.5050. A high was formed at $0.5053 before the price started moving lower again. Subsequently, there was a move below the $0.4980 and $0.4950 support levels, indicating a shift in market sentiment.

The hourly MACD for XRP/USD is currently gaining pace in the bearish zone, highlighting a negative outlook for the price in the short term. The hourly RSI (Relative Strength Index) for XRP/USD is also below the 50 level, indicating a weakening bullish momentum. Major support levels for XRP price are at $0.4800 and $0.4740, while major resistance levels stand at $0.4950 and $0.5050.

If XRP fails to clear the $0.4950 resistance zone, it could continue to move down towards the $0.480 level, where initial support is located. A further downside break and close below the $0.4740 level could accelerate the price lower, with a possible retest of the $0.4550 support in the near term. However, a close above the $0.500 resistance zone could signal a turnaround and push the price higher towards the $0.5250 and $0.5350 resistance levels.

XRP price is currently facing significant bearish pressure as it struggles to break key resistance levels. The failure to gain momentum above these levels suggests a potential continuation of the downward trend in the short term. Traders and investors should monitor the price closely and watch for key support and resistance levels for potential trading opportunities.

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