XRP price has been facing challenges as it failed to recover above the $0.5050 resistance zone. Despite attempting a recovery wave above $0.4920, similar to Ethereum and Bitcoin, XRP price could not sustain the momentum and found itself moving lower once again. The bears were active near $0.5050, resulting in a high being formed at $0.5053.
XRP is currently gaining bearish momentum below the $0.500 support, trading below $0.500 and the 100-hourly Simple Moving Average. In addition, there was a break below a connecting bullish trend line with support at $0.4950 on the hourly chart of the XRP/USD pair. The pair could face further decline if it breaks the $0.480 support zone.
Hourly MACD for XRP/USD is now gaining pace in the bearish zone, indicating a potential continuation of downward movement. Hourly RSI for XRP/USD is currently below the 50 level, further supporting the bearish outlook.
On the upside, XRP price is facing resistance near the $0.4920 level, with the first key resistance at $0.4950. The next major resistance is near the $0.500 level, followed by the crucial $0.5050 resistance. A close above this zone could propel the price higher towards $0.5250 and even $0.5350.
If XRP fails to clear the $0.4950 resistance zone, it could continue to move down. Initial support on the downside is near the $0.480 level, with the next major support at $0.4740. A downside break and close below the $0.4740 level could lead to an acceleration in the downward movement, possibly retesting the $0.4550 support in the near term.
XRP price is currently facing a challenging period with the struggle to break key resistance levels. The bearish momentum and technical indicators suggest a potential continuation of the downward movement, unless the price manages to overcome the resistance barriers. Traders and investors should closely monitor the support and resistance levels to assess the future movements of XRP price in the volatile cryptocurrency market.