XRP has continued to experience a downward trend, testing the crucial support level around $0.5240. Currently, the price is consolidating but may encounter challenges in initiating any significant upward movement.
The recent decline saw XRP fall below the $0.5850 level and trade under both the $0.580 level and the 100-hourly Simple Moving Average. An important bearish trend line has emerged, with resistance set at $0.5950, indicating potential obstacles for recovery in the XRP /USD pair.
Notably, XRP ’s value dipped by 5% recently, underperforming against major cryptocurrencies such as Bitcoin and Ethereum . Its value dropped considerably below the $0.5550 support zone, reaching a low of $0.5231. The price has since stabilized somewhat, showing slight movements above the $0.5350 level. However, it remains beneath the 23.6% Fibonacci retracement level from the recent high of $0.6642 to the low noted earlier.
As XRP trades above the $0.5550 level and its 100-hourly moving average, the immediate resistance is observed around $0.5565, with a critical resistance threshold at $0.5950. Additionally, the bearish trend line coincides with the 50% Fibonacci retracement level from the notable high down to the recent low. A breakthrough above $0.600 could lead XRP towards further resistance levels around $0.6120, and potentially as high as $0.6250 or $0.6320 in the near future.
On the downside, if XRP cannot surpass the $0.5565 resistance, it may extend its decline. The preliminary support is at $0.530, while major support lies at $0.5240. A decisive breakdown below this level could pave the way for a further decline toward the $0.5050 support zone, and even test the $0.500 pivot.
