XRP has seen its value extend losses, testing the critical $0.5080 support level as its price consolidated with potential recovery eyed towards the $0.580 resistance. The cryptocurrency’s price has suffered a notable decline, dipping below the $0.5250 zone, and is now trading below $0.5450 alongside the 100-hourly Simple Moving Average. A significant bearish trend line has emerged, offering resistance at $0.5850 on the hourly chart for the XRP/USD pair.
The price slump saw XRP underperforming compared to Bitcoin and Ethereum, falling heavily past the $0.5450 support zone. The downward pressure led XRP to form a low at $0.5070, after which it entered a phase of consolidation. A minor uptick occurred, pushing the price slightly above $0.5150, although it remains significantly below the 23.6% Fibonacci retracement level, which measures the fall from a $0.6640 high to the $0.5070 low.
Currently, XRP is trading above $0.5450 and the 100-hourly Simple Moving Average. However, it faces immediate resistance near the $0.5440 mark, with additional hurdles at the $0.5550 level and further resistance expected around $0.5800. The bearish trend line, with resistance pegged at $0.5850, aligns closely with the 50% Fibonacci retracement level of its recent drop.
Should XRP manage to clear the $0.5850 resistance, it may aim for $0.600. Further bullish momentum could drive XRP’s price towards resistance levels at $0.6120 or even $0.6250 in the near future.
Yet, if XRP fails to surpass the $0.5440 resistance zone, it risks another decline. Immediate support is seen around the $0.5150 level, with significant support at $0.5080. A breakdown and closing below $0.5080 could pave the way for further declines towards the $0.4920 support, with another key support level near $0.4850.
Technical indicators reflect current pressures, with the hourly MACD for XRP/USD losing pace in the bearish zone and the hourly RSI (Relative Strength Index) falling below the 50 mark. Major support levels to watch are $0.5150 and $0.5080, while resistance is expected at $0.5440 and $0.5850.