XRP is currently attempting a recovery after facing significant downward pressure, having recently dipped to around $0.5120. To gain upward momentum, the cryptocurrency must first navigate and surpass resistance levels situated at $0.5400 and $0.5500.
After correcting losses from $0.5120, XRP trades below $0.5380 and the 100-hour Simple Moving Average. A recent upward movement was observed, exceeding a key bearish trend line with resistance at $0.5280. If the price continues to rally and breaches the $0.5360 resistance, it could attract more buyers and potentially ignite a bullish trend.
Despite these attempts at recovery, XRP remains in a bearish zone, extending losses below the $0.5300 mark, similar to the trends seen in larger cryptocurrencies such as Bitcoin and Ethereum . The price fell below both the $0.5280 and $0.5250 thresholds, touching a low of $0.5117 before the recent recovery effort began. The price has managed to exceed the 23.6% Fibonacci retracement level from its recent downward trajectory, indicating a potentially stabilizing trend.
As XRP navigates upward, it is likely to meet resistance near the $0.5360 level, where additional challenges await. A significant hurdle lies at approximately $0.5485. Should XRP successfully break through this resistance, it could advance toward $0.5500, with further gains possible towards $0.5550 or even $0.5620 in the near future. The next major resistance level to watch would be around $0.5650.
However, if XRP struggles to clear the $0.5360 resistance, it may initiate another downward trend. The initial support is anticipated at around $0.5230, with a crucial level at $0.5185. A breach below $0.5185 could lead the price downwards to the $0.5120 support level. The technical indicators indicate a fading bullish momentum, raising caution for potential further declines.
