The XRP price has been facing challenges as it extended its losses below the $0.5120 support zone. Despite testing the $0.5080 area and attempting a recovery wave towards $0.5350, XRP is finding it difficult to initiate a fresh increase above the $0.5250 resistance zone.
Currently, the price is trading below $0.5150 and the 100-hourly Simple Moving Average, indicating a bearish trend. A key bearish trend line is forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair, sourced from Kraken. If the price remains below $0.5250, it could continue to move downwards.
XRP price, much like Bitcoin and Ethereum, has stayed in a short-term bearish zone. It struggled to begin a recovery wave and fell below the $0.5220 support zone, even breaching the $0.5120 support level. The price hit a low of $0.5080 before attempting a fresh recovery wave.
The price managed to climb above the 23.6% Fib retracement level from the $0.5405 swing high to the $0.5080 low, but it is still below $0.520 and the 100-hourly Simple Moving Average. Key resistance levels include $0.5180, $0.5250, $0.5320, $0.5450, and $0.5650. However, if XRP fails to clear the $0.5180 resistance zone, it could continue to move down. Initial support is at $0.5120, followed by major support at $0.5080.
The hourly MACD for XRP/USD is currently losing pace in the bearish zone, reflecting the ongoing challenges for XRP. Additionally, the hourly RSI for XRP/USD is below the 50 level, indicating a bearish sentiment in the market.
XRP is facing significant hurdles in its recovery journey. While there are key resistance levels to watch out for, the inability to surpass these levels could lead to further downside movements. Traders should pay close attention to the support and resistance levels mentioned above to make informed decisions in the volatile XRP market.
