The price of XRP has recently dropped below the $0.5500 level, signaling a potential strengthening of bearish momentum. If the asset closes beneath the critical support level of $0.5200, further declines could follow.
Currently, XRP is struggling to maintain its previous gains, trading below $0.5450 and the 100-hour Simple Moving Average. A bearish trend line has emerged, with resistance identified at around $0.5365. This downward movement is consistent with trends seen in other cryptocurrencies, such as Bitcoin and Ethereum . The price has retreated below $0.5550 and $0.5500, even testing a low of $0.5292.
After this dip, XRP is consolidating below the 23.6% Fib retracement level, indicating a lack of upward momentum. The asset now faces resistance at the $0.5365 level, while the first significant resistance can be found near $0.5440, close to the 50% Fib retracement level from the recent downward swing.
For any upside movement to take place, XRP would need to clear the $0.5520 mark. If successful, it could potentially rally toward the $0.5500 resistance and eventually target higher levels around $0.5600 or $0.5650. However, the next major obstacle lies at $0.5800.
On the downside, if XRP fails to breach the $0.5365 resistance, it faces the risk of further declines. Immediate support is seen around $0.5280, with more significant support at $0.5220. A drop below the $0.5220 level could exacerbate losses, sending the price toward the $0.5050 zone, with $0.500 identified as another critical support level.
Currently, both the hourly MACD and RSI reflect bearish sentiment, indicating potential challenges ahead for XRP as it navigates these resistance and support levels.
