XRP Price Continues to Struggle: Can it Find Support?
XRP price is facing ongoing challenges as it drops below the $0.5120 support level. It recently tested the $0.5080 zone and is now making another attempt at a recovery towards $0.5350.
XRP is encountering difficulties in initiating a fresh rally above the $0.5250 resistance zone. Currently, the price is trading below $0.5150 and the 100-hourly Simple Moving Average. On the hourly chart of the XRP/USD pair, there is a significant bearish trend line forming with resistance near $0.5180.
If the price fails to surpass $0.5250, it is likely to continue its descent. In terms of support, the first level to watch is around $0.5120, followed by a major support at $0.5080. A close below $0.5080 could lead to further decline, possibly retesting the $0.50 support.
In order for XRP to reverse its downtrend, it needs to break above the $0.5180 resistance level. A successful breach could pave the way for a steady increase towards the $0.5450 resistance. Further gains might push the price towards the $0.5650 level.
Looking at the technical indicators, the MACD for XRP/USD is currently showing a slowdown in the bearish zone, while the RSI is below the 50 level.
Key support levels to monitor are at $0.5120 and $0.5080, while major resistance levels are located at $0.5180 and $0.5250.