XRP Price Struggles to Break Resistance Amidst Market Weakness
The XRP price is facing difficulties in breaking above the $0.500 resistance zone, signaling a bearish trend that could extend further if the $0.4850 support level is breached.
Despite attempting a fresh increase above the $0.4950 resistance, the XRP price failed to gain any significant bullish momentum. After reaching a high of $0.5019, the price started to decline, following Bitcoin’s lead.
The XRP/USD pair broke below the $0.4920 support level, which marked the end of a short-term rising channel. Additionally, the price fell below the 50% Fib retracement level of its previous upward move from the swing low of $0.4765 to the high of $0.5019.
Currently, the XRP price is trading below both the $0.4950 level and the 100-hourly Simple Moving Average. However, there is some support near the $0.4850 level, along with the 61.8% Fib retracement level. If this support holds, the price might see a fresh increase, facing resistance around the $0.4950 level and potentially reaching the $0.5150 resistance level.
For further upward movement, the XRP price would need to clear the $0.5250 resistance zone. Moving past this level, the next significant resistance lies at $0.5320, with further gains potentially propelling the price towards the $0.550 resistance level.
However, if the XRP price fails to break above the $0.50 resistance zone, it could continue to move downwards. The initial support is found near the $0.4850 level, followed by a major support level at $0.4765. If the price breaks below $0.4765, it might gain bearish momentum, potentially reaching the low of $0.4540 in the near future.
Technical indicators illustrate a bearish trend, with the hourly MACD in the bearish zone and the hourly RSI falling below the 50 level.
In summary, the XRP price is currently facing resistance near the $0.50 level, with potential further losses if the $0.4850 support is broken. On the other hand, a clear break above the $0.5020 resistance could pave the way for more upside movement.