XRP continues to linger below the $0.550 threshold, gradually inching downward with potential for further declines beneath $0.520. Despite this somber outlook, the price remains above a crucial $0.5080 support zone but lags under $0.5300 and the 100-hourly Simple Moving Average. Currently, a noticeable bearish trend line surfaces, showing resistance around $0.5285 on the hourly XRP/USD chart.
A significant downturn was noted after XRP failed to sustain above the $0.5350 resistance, falling below $0.5250. Yet, the scale of these losses appears mitigated compared to other cryptocurrencies like Bitcoin and Ethereum. A low was established at $0.5210, around which XRP is now stabilizing. There was a minor uptick, seeing the price nudge above the $0.5250 mark.
Encouragingly, the cryptocurrency passed the 23.6% Fibonacci retracement level of the downward movement from the $0.5354 high to the $0.5210 low. However, XRP remains under pressure beneath both the $0.5320 level and the 100-hourly Simple Moving Average.
Should the price see an upward trend, resistance is anticipated near $0.5300. Moreover, a connecting bearish trend line presents a notable resistance at $0.5285 on the hourly chart, which correlates to the 50% Fibonacci retracement level of the abovementioned downward wave.
The first substantial resistance level stands at $0.5350, followed by another key resistance at $0.5450. A decisive rise past $0.5450 could propel the price towards the $0.5500 mark. Further gains might drive XRP to target $0.5650 or even $0.580 in the short term, with $0.600 poised as the next significant hurdle.
Conversely, if XRP fails to surpass the $0.5350 resistance, it risks another decline. Initial support is likely near the $0.5220 level, with the next major support at $0.5200. Should the price break and close below $0.5200, a deeper decline towards $0.5150 could ensue, with another critical support zone around $0.5080.
Technical indicators paint a cautious picture. The hourly MACD for XRP/USD is losing momentum in the bearish territory, and the hourly RSI remains below the 50 level, indicating a potential tilt towards further losses. Major support levels to watch include $0.5220 and $0.5200, while resistance levels are pegged at $0.5350 and $0.5450.