XRP Wrestles Turbulence As Bears Eye $0.5120 Support Boundary


In the shifting sands of the cryptocurrency market, XRP has experienced a degree of turbulence, trailing losses beneath the backbone of the $0.5220 support zone. The digital currency undulated as it dipped its toes into the goes-to-the-wall $0.5120 support boundary, making some attempts at recovery as it beckons to the distant $0.550 shore.

The struggle is real when it comes to XRP’s quest for fresh momentum soaring above the $0.5320 resistance zone, a checkpoint that continues to tantalize its progress. The currency now quivers below the $0.530 mark, trapped beneath the oppressive gaze of the 100-hourly Simple Moving Average. The hourglass of fluctuations show a glum bearish trend line taking form. Its resistance continues to graze at $0.5230 if we observe the hourly chart of the XRP/USD pair.

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If the price chooses to be obstinate and remains tucked below the $0.5320 blanket, the pair could keep its southward journey. But things look unpromising.

In the short-term bearish arena the XRP coin shares with Bitcoin and Ethereum, XRP continues to feel the pressure. Bears have managed to wrestle the price underneath the pivotal $0.5220 support. Tests conducted unveiled the $0.5120 as the final support runway.

A valley was shaped at the $0.5126 mark, but XRP quickly picked up the pieces to launch another wave of recovery. To its credit, the coin managed to scramble above the $0.5165 match point—climbing a notch above 23.6% in the Fib retracement of the downward wave from the $0.5406 high-water mark to the $0.5126 abyss.

Conquering the $0.530 mark and the 100-hourly Simple Moving Average continues to be a slippery slope. On the upswing, there is a formidable resistance fringing the $0.5220 level. The major bearish trend line lords over with resistance touching around $0.5230 upon the hourly chart of the XRP/USD duo.

The first key resistance looms near the $0.5265 or the 50% Fibonacci retracement level, which shadows the downward spiral from the $0.5406 peak to the $0.5126 trough. Breaking free from the chains of this resistance could propel XRP skyward. An impending resistance further complicates matters near the $0.5320 mark.

If XRP dares to shut its eyes and plunge over the $0.5320 level, we may witness a steady gain soldiering toward the $0.5450 resistance. Any additional triumphs could potentially rocket the price toward the anticipated $0.5650 resistance.

But what if XRP plummets beneath the $0.5220 mark again? A future descent may lie ahead. The immediate foundation supporting XRP is perched precariously upon the $0.5150 level, with a stronger one solemnly standing at $0.5120. If the coin falls through and closes below this level, we might witness an accelerated downward spiral. A scenario like this may force XRP to test the $0.500 support in the looming future.

The technical indicators buzz an impending storm. The Hourly MACD rings with the potential deceleration of XRP/USD in the bearish zone. The relative strength index (RSI) for XRP/USD is treading lightly below the crucial level of 50. Major support levels lie at $0.5120 and $0.500, while the resistance stretches unforgivingly at $0.5220 and $0.5320.