XRP Battles Bearish Struggles: Eyes Ambitious Recovery Wave of $0.5350


XRP, like its crypto cousins Bitcoin and Ethereum, is wrestling with its bearish afflictions. Intensifying losses beneath the $0.5120 support zone, XRP took an audacious dip, testing its metal at the $0.5080 valley. However, it now seems to be rallying its dwindling strength to attempt an ambitious recovery wave, forecasting a crest of $0.5350.

Saddled with the challenge of reigniting a substantial upswing above the $0.5250 resistance zone, XRP languishes in the turmoil. The cryptocurrency is currently trading beneath $0.5150, estranged from the comforting presence of the 100-hourly Simple Moving Average. The hourly chart of the XRP/USD pair ominously features a looming bearish trend line, formation crystallizing resistance near the $0.5180 mark.

Follow us on Google News! ✔️

The cryptocurrency’s resolve may come under further attack if the price fails to rise above $0.5250. Its stand against this resistance could determine whether XRP continues its downward dance.

In the midst of this turbulence, XRP did manage to orchestrate a slight recovery. Slinking under the $0.5220 support zone, the price escalated its losses, plummeting below $0.5120. However, a modest coup was staged at $0.5080 as the price gathered momentum for a fresh recovery wave above the $0.5120 level. It managed to climb above the 23.6% Fib retracement level of the downward wave, originating from the $0.5405 lofty swing to the $0.5080 low.

Yet the price stubbornly remains beneath $0.520, dislocated from the 100-hourly Simple Moving Average. It teeters on the brink of a pivotal resistance near the $0.5180 level. A successful showdown with the $0.5250 resistance, coupled with a strong close, could catapult the price to newer heights, with the next resistance looming at $0.5320.

Should XRP master the challenging $0.5320 resistance level, it could herald a steady escalation towards the $0.5450 resistance. Any further leaps upward might push the price to flirt with the formidable $0.5650 resistance.

However, if XRP stumbles at the $0.5180 resistance hurdle, it might slide even further. Immediate support waits at the $0.5120 marker, with more significant support stationed at $0.5080. A break beneath the $0.5080 mark might hasten its decline. In such a scenario, XRP might be forced to court the $0.50 support in the near term.

Technical indicators add intrigue to the narrative. The MACD for XRP/USD is slowly relinquishing its presence in the bearish zone while the RSI for XRP/USD is skirting just below the 50 level. Meanwhile, the battle lines have been drawn at the major support levels of $0.5120 and $0.5080, and resistance fronts at $0.5180 and $0.5250.