XRP Price Consolidates Below $0.530: What Are the Factors That Could Trigger Further Losses?
XRP price is currently consolidating its losses above the support level of $0.500. However, if it fails to recover and cross the resistance zone of $0.530, it could potentially experience more losses.
XRP recently faced downward pressure and fell below the crucial $0.530 support level. As a result, it is currently trading below $0.5250 and the 100-hourly Simple Moving Average. However, there was a slight breakthrough as a bearish trend line with resistance at $0.5150 was crossed on the hourly chart of the XRP/USD pair.
For XRP to initiate another upward movement, it will require a push from the bulls to surpass the $0.530 resistance level. If successful, the next significant resistance level to watch out for is around $0.5465. Further gains beyond this could lead to a rally towards the $0.580 and $0.600 resistance levels.
On the other hand, if XRP fails to break above the $0.530 resistance zone, it may experience additional downward pressure. Initial support on the downside is expected around the $0.5150 level, followed by a major support level at $0.5080. A potential downside break and close below the $0.5080 level could accelerate the decline, potentially leading the price to retest the $0.4840 support zone.
Analyzing the technical indicators, the hourly MACD for XRP/USD is losing pace in the bearish zone, indicating a potential continuation of the downward trend. Additionally, the hourly RSI (Relative Strength Index) is now below the 50 level, further indicating a bearish sentiment.
In summary, the XRP price is currently consolidating below the $0.530 resistance, and a failure to surpass this level could trigger more losses. However, if the bulls manage to push the price above $0.530, it could initiate a strong upward movement. Traders should closely monitor the support levels at $0.5150 and $0.5080, as well as the resistance levels at $0.5250 and $0.530, for potential price movements.