XRP is currently attempting to recover from a recent decline, having dipped to around $0.4880. For a more significant upward movement, the price must first overcome resistance levels at $0.5200 and $0.5320. The cryptocurrency remains in a bearish phase and has seen prices drop below $0.5200, mirroring trends in Bitcoin and Ethereum , with additional declines below the $0.5050 and $0.5000 levels.
The recent low was recorded at $0.4867, prompting a modest recovery effort. This recovery has allowed XRP to surpass the 50% Fibonacci retracement level of the recent downtrend, which originated from a swing high of $0.5233 down to $0.4867. Despite this improvement, XRP is still trading below the $0.5220 level and the 100-hourly Simple Moving Average. The price may face challenges as it approaches the $0.5200 resistance level. Notable resistance resides at the $0.5220 level, which aligns with the 76.4% Fibonacci retracement of the wave from the $0.5233 high to the $0.4867 low. A further significant barrier is expected around $0.5320.
Should XRP successfully breach the $0.5320 resistance, the next target could be the $0.5500 level, followed by potential resistance at $0.5550 or $0.5620. The more substantial hurdle beyond that lies at $0.5650.
Conversely, if XRP fails to surpass the $0.5220 resistance, it risks initiating another downward trend. The immediate support is located around the $0.5100 level, followed closely by a critical support zone near $0.5050. A breach and closure beneath $0.5050 could trigger further declines toward the $0.5000 support, with the next significant level positioned near $0.4880.
In technical terms, the current hourly MACD indicates a reduction in bullish momentum, while the RSI shows a position above the midpoint, suggesting that the market remains cautious but not entirely pessimistic.
