XRP price has been facing significant challenges recently as it extended losses below the $0.5220 support zone. Despite testing the $0.5120 support and attempting a recovery wave toward $0.550, XRP is still struggling to start a fresh increase above the $0.5320 resistance zone.
A major bearish trend line is forming with resistance near $0.5230 on the hourly chart of the XRP/USD pair, indicating that the pair could continue moving down if the price remains below $0.5320. This trend line has been a significant barrier for XRP’s price movement.
Similar to Bitcoin and Ethereum, XRP price has remained in a short-term bearish zone. The bears were successful in pushing the price below the key support at $0.5220, leading to a test of the $0.5120 support zone. While a low was formed at $0.5126 and a fresh recovery wave is being attempted, the price is still facing challenges in moving above $0.530 and the 100-hourly Simple Moving Average.
On the upside, the price is encountering resistance levels near $0.5220, $0.5265, and $0.5320. These levels are crucial for determining whether XRP can achieve a steady increase towards $0.5450 and potentially even $0.5650. However, failure to clear the $0.5220 resistance zone could mean further downward movement for XRP.
Initial support on the downside is near the $0.5150 level, followed by major support at $0.5120. A downside break and close below $0.5120 could accelerate the price lower, potentially retesting the $0.50 support level in the near term. This scenario highlights the importance of these support levels in determining XRP’s future price movement.
The Hourly MACD for XRP/USD is now losing pace in the bearish zone, while the Hourly RSI is below the 50 level. These technical indicators suggest a challenging road ahead for XRP’s price as it navigates through various resistance and support levels.
XRP price is currently facing several obstacles in its path to recovery. With resistance levels proving to be strong barriers and technical indicators signaling bearish momentum, XRP must find a way to overcome these challenges to see a significant price increase. The next few trading sessions will be crucial in determining the future trajectory of XRP price.