XRP price experienced a further decline below the $0.5850 zone, now trading below both the $0.580 mark and the 100-hourly Simple Moving Average. As shown on the hourly chart of the XRP/USD pair from Kraken, a bearish trend line is forming with resistance at $0.5950, indicating a potential struggle for the pair to recover above the $0.5950 and $0.600 resistance levels.
The price dip resulted in a 5% decrease in XRP price, falling below the $0.600 level and performing worse than both Bitcoin and Ethereum. It even dropped substantially under the $0.5550 support zone, hitting a low of $0.5231 before consolidating losses. Although there was a slight uptick above $0.5350, the price remains significantly below the 23.6% Fib retracement level of the downward move from the $0.6642 swing high to the $0.5231 low.
Currently, the price is trading above $0.5550 and the 100-hourly Simple Moving Average. The primary resistance levels to look out for are near the $0.5565 and $0.5950 levels. A key bearish trend line at $0.5950 is close to the 50% Fib retracement level from the $0.6642 swing high to the $0.5231 low, with $0.600 as the next significant resistance level. A clear breakthrough above $0.600 could propel the price towards $0.6120, $0.6250, or even $0.6320 in the near future.
In case XRP fails to surpass the $0.5565 resistance zone, it may continue its downward trajectory. Initial support lies at around $0.530, with a more critical support level near $0.5240. A break and close below $0.5240 could lead to further decline towards the $0.5050 support, followed by the major support area around the $0.500 pivot zone.
Looking at the technical indicators, the hourly MACD for XRP/USD is currently showing bearish momentum, while the hourly RSI is below the 50 level. Major support levels for XRP include $0.5240 and $0.5050, with resistance levels at $0.5565 and $0.5950.
As the market continues to fluctuate, it is essential for investors to stay informed about the latest trends and developments. For more updates on the decentralized finance (DeFi) sector and other trending news articles, check out DeFi Daily News.
Conclusion
In conclusion, XRP price has experienced a significant decline, struggling to recover above key resistance levels. While there is potential for a rebound if critical levels are breached, the current trend indicates a bearish outlook. Traders and investors should remain cautious and closely monitor market developments to make informed decisions. Stay tuned for more updates and news on the cryptocurrency market through DeFi Daily News for timely insights and analysis.
