XRP Price Struggles for Recovery: Can Bulls Regain Momentum?
XRP Price Consolidates After Recent Dip: Will Bulls Regain Momentum?
XRP price experienced a downward push, dipping below the $0.5250 support level and testing the $0.5080 support. The price is currently consolidating, with potential for a rebound towards the $0.580 resistance level. The price action is currently trading below the $0.5450 mark and the 100-hourly Simple Moving Average. A bearish trend line is forming on the hourly chart of the XRP/USD pair (data source from Kraken), indicating resistance at $0.5850. The pair faces challenges in regaining momentum above the $0.5650 and $0.5800 resistance levels.
XRP Price Extends Losses
XRP price extended its decline, falling below the $0.580 level, lagging behind Bitcoin and Ethereum. The price dropped significantly below the $0.5450 support zone, reaching a low of $0.5070. Currently, the price is consolidating its losses, with a slight upward move above the $0.5150 level. Despite this movement, the price remains below the 23.6% Fib retracement level of the downward wave originating from the $0.6640 swing high to the $0.5070 low.
The price is trading above $0.5450 and the 100-hourly Simple Moving Average. On the upside, resistance is anticipated near the $0.5440 level. The first major resistance zone lies around the $0.5550 level. The next significant resistance level is expected at $0.5800. Additionally, a key bearish trend line with resistance at $0.5850 on the hourly chart of the XRP/USD pair poses a challenge. This trend line aligns with the 50% Fib retracement level of the downward wave starting from the $0.6640 swing high to the $0.5070 low. A decisive breakthrough above the $0.5850 resistance level could propel the price towards the $0.600 resistance. Further gains might push the price towards the $0.6120 resistance or even $0.6250 in the short term.
Potential for Another Decline?
If XRP fails to overcome the $0.5440 resistance zone, it could experience another downward move. Initial support on the downside is located near the $0.5150 level. The next major support level resides near the $0.5080 mark. A break below the $0.5080 level could lead to further decline towards the $0.4920 support in the near term. The next major support zone sits near the $0.4850 level.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is below the 50 level.
Key Levels
Major Support Levels: $0.5150 and $0.5080
Major Resistance Levels: $0.5440 and $0.5850
The market is currently in a state of consolidation, leaving XRP price hovering in uncertainty. Investors are closely watching for signs of a bullish or bearish breakout. While a recovery towards the $0.580 resistance level is possible, the formation of a bearish trend line and the presence of several resistance levels present significant challenges to the bulls. Further decline remains a possibility if XRP fails to break through the $0.5440 resistance level.