XRP is currently being traded within a confined range, remaining below the critical $0.550 level. The price has shown signs of a gradual decline, with potential further descents likely if it dips below the $0.520 threshold. Currently, XRP is hovering around the $0.5080 support level, facing challenges as it remains underneath the $0.5300 level and the 100-hour Simple Moving Average.
With a bearish trend line forming, resistance is identified around the $0.5285 level, reflecting ongoing market pressure. The XRP /USD exchange rate attempted to break free from the $0.5350 resistance but has instead started a downward trajectory. The price recently fell below the $0.5250 level but remains somewhat resilient compared to major cryptocurrencies like Bitcoin and Ethereum . After reaching a low of $0.5210, XRP has since been consolidating, achieving some minor gains by surpassing the $0.5250 resistance.
XRP ’s current position reveals it is trading beneath both the $0.5320 resistance and the 100-hour Simple Moving Average. Should the price attempt to rally, it faces obstacles around the $0.5300 and the bearish trend line at $0.5285, both of which align closely with the 50% Fibonacci retracement level. The primary resistance to monitor is at $0.5350, followed by a significant hurdle at $0.5450. A successful move above $0.5450 could see XRP advance toward the $0.550 mark, potentially reaching as high as $0.5650 or $0.580.
Conversely, should XRP fail to breach the $0.5350 resistance area, it may trigger further declines. Early downside support is positioned at $0.5220, with the next significant level at $0.520. A breach of this barrier could propel the price down toward the $0.5150 support, with additional support found near $0.5080. Technical indicators show a weakening bearish trend, with the MACD losing ground in the bearish zone, and the RSI indicates bearish sentiment, sitting below the critical 50 level.
