XRP price recently faced a fresh decline after failing near the $0.5320 resistance zone. Currently, it is testing the $0.5180 support and there is a possibility that it might even drop to the $0.5120 support zone. This downward correction started after the price traded below $0.5250 and the 100-hourly Simple Moving Average. A connecting bearish trend line has also formed with resistance near $0.5250 on the hourly chart, indicating a challenging path ahead for XRP.
Resistance and Support Levels
The XRP price experienced an increase above the $0.5265 level, aligning with moves in Bitcoin and Ethereum. However, the price could not sustain this momentum and faced resistance near $0.5300 before dropping. A high was formed at $0.5325, leading to a downside correction that saw the price trading below the $0.5250 level. Despite this, the bulls are active near the 61.8% Fib retracement level, suggesting potential support in the near term.
Technical Indicators and Potential Scenarios
The MACD for XRP/USD is currently in the bearish zone, indicating a loss of pace in the price movement. The hourly RSI is also below the 50 level, reflecting a bearish sentiment in the market. In case XRP fails to clear the $0.5250 resistance zone, it could continue its downward trajectory, with initial support at $0.5165 and a major support level at $0.5120. A break below $0.5120 could accelerate the decline towards the $0.5020 support in the near future.
XRP price is facing significant resistance near $0.5250, while key support levels are crucial for determining the future direction of the price. Traders and investors are closely monitoring these levels to gauge whether XRP will bounce back or further decline in the coming days. The market sentiment remains uncertain, and it will be interesting to see how XRP performs in the face of these challenges.