Ripple’s XRP price has continued to drop, falling below the $0.520 support level. Currently, the price is trading within a range and is looking to break above the $0.5320 resistance.
Bearish Trend Line
There is a significant bearish trend line forming with resistance at $0.5325 on the hourly chart of the XRP/USD pair based on data from Kraken. The pair may experience a bullish momentum if it manages to surpass the $0.5365 resistance zone.
Over the past two sessions, XRP price has seen a consistent decline below the $0.5320 level. Despite some fluctuations, the price saw a drop below the $0.5120 support zone, reaching a low of $0.5028 before starting to correct its losses.
Price Correction
After dipping below $0.5120, the price managed to climb back above $0.5200 and $0.5250 resistance levels. It also surpassed the 50% Fib retracement level of the downward move from the $0.5477 high to the $0.5028 low. Furthermore, the price is now above $0.5250 and the 100-hourly Simple Moving Average.
Resistance and Support Levels
Immediate resistance is expected near the $0.5320 level, with a key bearish trend line forming at $0.5325 on the hourly chart of the XRP/USD pair. The first major resistance level is around $0.5365, followed by $0.5480 and potentially up to $0.5570 and $0.5800.
On the downside, initial support near $0.5250 and the 100 hourly SMA, with the next major support at $0.5140. If the price falls below $0.5140, it might see a more significant decline and retest the $0.5030 support level.
The hourly MACD for XRP/USD is showing bullish momentum, while the RSI is currently above the 50 level, indicating a positive trend.
Major support levels to keep an eye on include $0.5250 and $0.5140, while resistance levels are at $0.5320 and $0.5365. Watching these levels closely may help investors make informed decisions regarding XRP trading in the near future.
Ripple’s XRP price has been experiencing a downward trend, but there is potential for a bullish breakout if key resistance levels are surpassed. It is essential for investors to closely monitor the price movements and key levels to make sound trading decisions.
