XRP has experienced a significant drop in value, falling over 15% and trading below the critical $0.50 mark. The cryptocurrency is showing bearish trends and may face challenges in recovering past the $0.520 resistance level.
Key Points:
Current Price Movement: XRP has breached the $0.500 and $0.4850 support levels.
Technical Indicators: The price is currently below $0.4880 and the 100-hourly Simple Moving Average (SMA).
Resistance Levels: A notable bearish trend line has formed, with resistance at $0.5180 on the hourly chart for the XRP/USD pair (data sourced from Kraken).
Potential Recovery: For a steady recovery wave, XRP needs to clear the $0.520 resistance zone.
Recent Price Activity:
XRP began a significant decline below the $0.500 support level, following a similar trend observed in Ethereum and Bitcoin. The cryptocurrency saw a sharp drop below the $0.4850 support zone, reaching a low of $0.460. Currently, XRP is consolidating its losses and demonstrating bearish signs below the 23.6% Fibonacci retracement level, calculated from the $0.5767 swing high to the $0.460 low.
Trading below $0.5880 and the 100-hourly SMA, XRP faces a key bearish trend line resistance at $0.5180. If a recovery wave occurs, the price might encounter resistance around the $0.4880 level.
Resistance and Support Levels:
Initial Resistance: The first major resistance is near the $0.500 level.
Key Resistance: The $0.5180 mark, coinciding with the trend line and the 50% Fibonacci retracement level of the downward move from $0.5767 to $0.460.
Further Resistance: If XRP moves past $0.520, it could target the $0.5350 resistance. Subsequent resistance levels include $0.5440, $0.550, and potentially $0.5650.
Potential Downside:
Should XRP fail to clear the $0.520 resistance zone, it risks further declines. The initial downside support is near $0.4650, with the next major support at $0.460. A break below this level could see XRP falling toward $0.4350, with further support at $0.4250.
Technical Indicators:
Hourly MACD: The MACD for XRP/USD is gaining momentum in the bearish zone.
Hourly RSI: The Relative Strength Index (RSI) for XRP/USD is below the 50 level, indicating bearish momentum.
Major Support and Resistance Levels:
Support Levels: $0.4600 and $0.4500.
Resistance Levels: $0.5000 and $0.5200.
The current market conditions suggest that XRP is under significant bearish pressure. For investors and traders, watching the $0.520 resistance zone and the support levels at $0.460 and $0.450 will be crucial in predicting XRP's next movements.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“