XRP price continues to face downward pressure, struggling to regain momentum above the $0.480 resistance zone. Currently trading below $0.4750 and the 100-hourly Simple Moving Average, XRP is encountering a major bearish trend line near $0.4720. This resistance level, along with the $0.480 hurdle, could potentially lead to another rejection for the cryptocurrency.
After a brief recovery attempt, XRP price hit a high of $0.4797 before starting a fresh decline. It dipped below key levels of $0.4750 and $0.4720, also breaching the 50% Fib retracement level from the swing low of $0.4619 to the high of $0.4797. Despite trading below the 100-hourly SMA, XRP is currently finding support near the 61.8% Fib retracement level.
On the upside, if XRP manages to surpass the $0.480 resistance, it could target the next levels of $0.4850 and $0.500. A breakthrough of the $0.500 resistance zone may trigger further price gains, with the next significant level near $0.5120. Additionally, there could be a potential move towards the $0.5250 resistance.
However, failure to clear the $0.4720 resistance zone might result in further downward movement for XRP. The crypto asset could find initial support near $0.4680, with the next major support level at $0.4620. In the event of a downside break and a close below $0.4620, the price could experience continued decline, possibly extending below the $0.4320 support level.
Key technical indicators suggest a bearish momentum for XRP. The hourly MACD is gaining pace in the bearish zone, while the hourly RSI (Relative Strength Index) has dipped below the 50 level.
Overall, the XRP price faces challenges in overcoming resistance levels, hinting at a continued slide for the cryptocurrency.