XRP’s price remains in a state of consolidation above the $0.5400 threshold, grappling with significant resistance at $0.5520 and $0.5600 as it attempts to initiate a recovery. Struggling to gather momentum for a move above the $0.5550 zone, the cryptocurrency is currently trading below $0.550 and the 100-hourly Simple Moving Average. An hourly chart of the XRP/USD pair indicates a connecting bearish trend line forming resistance at the $0.550 mark, suggesting the possibility of further declines if the price fails to overcome these resistance levels.
In recent patterns, XRP has mirrored the behavior of Bitcoin and Ethereum, staying range-bound below $0.5650. A fresh decline saw the price retest the $0.540 support zone, forming a low at $0.5400, from which it is now stabilizing. The price experienced a minor uptick beyond the $0.5420 level, surpassing the 23.6% Fibonacci retracement of the decline from the $0.5647 high to the $0.5400 low. Despite this, bearish activity remains prominent around the $0.550 and $0.5520 levels.
Currently, XRP trades under the critical $0.550 resistance and the 100-hourly SMA. The chart reveals a bearish trend line that reinforces the $0.550 resistance, presenting a significant hurdle. Breaking this resistance could encounter another major barrier at $0.5550, representing the 76.4% Fibonacci retracement from the $0.5647 high to the $0.5400 low. Beyond this, resistance levels at $0.5600 and potentially $0.5650 could prove challenging. If the price can clear these levels, it might continue to $0.5720, with further gains potentially pushing it towards the $0.5880 or even $0.600 mark in the near term.
Conversely, failure to break through the $0.5550 resistance could initiate a renewed decline. Immediate support lies near $0.5420, with a more substantial support level at $0.5400. A decisive move below $0.5400 could drive the price down towards the $0.5320 support, and further down to $0.5250 if bearish pressure continues.
Technical indicators underscore the cautious outlook for XRP. The hourly MACD is losing momentum in the bearish zone, while the RSI for XRP/USD remains below the 50 level, indicating weaker buying pressure. Key support levels to watch are $0.5400 and $0.5320, while crucial resistance levels are pegged at $0.5500 and $0.5600.
