XRP Price on Edge: Potential Slide Continuation Imminent
XRP’s price has been unable to break above the $0.50 resistance zone, indicating the possibility of further downside movement below $0.4840.
Despite some attempts at recovery, XRP is still displaying bearish signals and faced difficulties near the $0.50 mark. Currently, the price is trading below $0.4920 and the 100-hourly Simple Moving Average.
An important contracting triangle is forming on the hourly chart, with resistance at $0.4950 for the XRP/USD pair sourced from Kraken. While there is a potential for price recovery, it is likely that bears will be active around the $0.4950 resistance level.
XRP Price Dips
Similar to Ethereum and Bitcoin, XRP’s price failed to surpass the $0.50 resistance level. It reached a peak near $0.4981 and has since begun to decline.
The price dropped below the $0.4980 and $0.4950 levels, falling under the 23.6% Fibonacci retracement level of the upward move from the $0.4701 swing low to the $0.4981 high. It is currently trading below both the $0.4920 level and the 100-hourly Simple Moving Average.
Bulls are currently active near the $0.4840 support level and the 50% Fibonacci retracement level of the upward movement from the $0.4701 swing low to the $0.4981 high.
On the upside, resistance lies near the $0.4920 level. The first significant resistance is at $0.4950, where a key contracting triangle is forming on the hourly chart for the XRP/USD pair. The next substantial resistance lies at the $0.50 level.
A close above the $0.50 resistance zone has the potential to send the price higher. The subsequent key resistance level is around $0.5050, which could lead to a steady increase towards the $0.5250 resistance. Further gains may propel the price towards the $0.5320 resistance.
Possibility of More Losses?
Should XRP fail to break the $0.4950 resistance zone, it may experience further downward movement. The initial support level on the downside is near $0.4840.
The next significant support level is located at $0.4765. If XRP breaks and closes below this level, it could trigger a sharper decline. In such a scenario, the price might test the $0.4550 support in the near future.
Technical Indicators
The MACD for XRP/USD on the hourly chart is currently gaining momentum in the bearish zone.
The hourly RSI (Relative Strength Index) for XRP/USD is now below the 50 level.
Major support levels for XRP are at $0.4840 and $0.4765, while major resistance levels are at $0.4950 and $0.5000.