XRP price has faced a fresh decline after struggling near the $0.5570 level. The failure to surpass this level has resulted in the price correcting gains and potentially declining heavily if it breaks the 100-hourly SMA.
Currently, XRP is trading below $0.5350 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line that has formed with resistance at $0.5320 on the hourly chart of the XRP/USD pair. In order to avoid a sharp decline, the pair must stay above the 100-hourly SMA.
After a steady increase, XRP price faced resistance near $0.5570 which led to a short-term top being formed. Subsequently, the price started a fresh decline from $0.5571. This movement is in line with what has been observed in Bitcoin and Ethereum as well. The price dipped below the $0.5420 level and even spiked below the $0.5250 support and the 100-hourly Simple Moving Average. However, the bulls have managed to protect the 61.8% Fib retracement level, keeping the price above $0.5250 and the 100-hourly SMA for now.
Immediate resistance is seen near the $0.5310 level, with a connecting bearish trend line at $0.5320 and the first key resistance at $0.5350. A close above this zone could signal a potential move higher towards $0.5450 and ultimately the $0.5570 resistance. On the downside, initial support is near $0.5250 with the next major support at $0.5185. A break below this level could lead to further bearish momentum with a possible test of the $0.5065 support in the near term.
The MACD for XRP/USD is gaining pace in the bearish zone, while the RSI for XRP/USD is now below the 50 level. This suggests a potential continuation of the current downward trend unless the price manages to break above key resistance levels.
The XRP price analysis indicates a challenging period for XRP as it struggles to break through key resistance levels. The technical indicators are pointing towards a bearish momentum, emphasizing the importance of staying above critical support levels to avoid further decline. Traders and investors should closely monitor the price movements and key levels to make informed decisions moving forward.
