XRP Price Hits $0.5080 Low Amid Bearish Trend

XRP Price Hits $0.5080 Low Amid Bearish Trend

Key Points:

  • Bearish Zone: XRP price has fallen below the $0.5220 and $0.5120 support levels, indicating a bearish trend.
  • Recovery Attempts: XRP has moved above the $0.5120 level and the 23.6% Fibonacci retracement, signalling tentative recovery efforts.
  • Trading Position: Currently trading below $0.520 and the 100-hourly SMA, showing continued bearish pressure.

XRP has entered a short-term bearish zone, struggling to initiate a recovery wave. The cryptocurrency has extended its losses below the critical support zone of $0.5220, indicating a downward trend. This decline continued as XRP slipped below the $0.5120 support level, forming a recent low at $0.5080. Currently, XRP is attempting a fresh recovery wave, but the market conditions suggest it faces significant challenges.

XRP Price Shows Signs of Recovery Above $0.5120

Despite the bearish outlook, XRP has shown some signs of recovery. The price moved above the $0.5120 level, which slightly relieved traders. Furthermore, XRP climbed above the 23.6% Fibonacci retracement level, calculated from the $0.5405 swing high to the $0.5080 low. This movement indicates a potential shift in momentum, albeit tentatively, as XRP tries to stabilise and recover from recent losses.

XRP Under $0.520, Below 100-Hourly SMA

XRP is trading below the $0.520 mark and remains under the 100-hourly Simple Moving Average (SMA). This positioning indicates continued bearish pressure on the asset. The trading activity struggles to break above immediate resistance levels, constraining the price movement and under bearish influence.

XRP Price Faces Resistance at $0.5180 and $0.5250 Levels

XRP faces several key resistance levels that it must overcome to signal a bullish reversal. The first resistance is near the $0.5180 mark, aligning with a key bearish trend line on the hourly chart. Beyond this, the initial key resistance is at $0.5250, corresponding to the 50% Fibonacci retracement level from the $0.5405 swing high to the $0.5080 low. Further resistance lies near $0.5320, and if XRP manages to close above this level, it could see a potential increase towards the $0.5450 mark. Additional gains could target the $0.5650 resistance level, providing a more optimistic outlook for traders.

Key Support Levels: $0.5120 and $0.5080 for XRP

On the downside, XRP has initial support near the $0.5120 level. The next major support is at $0.5080, a critical level tested recently. A downside break and close below this level could trigger further declines, with the potential to retest the $0.50 support in the near term. Holding above these support levels is crucial for XRP to avoid further bearish momentum.

XRP Technicals: MACD Slows, RSI Under 50

Technical indicators for XRP paint a cautious picture. The hourly MACD is losing pace in the bearish zone, suggesting that the downward momentum may be slowing. However, the hourly RSI remains below 50, indicating weak bullish strength and continued bearish pressure. For XRP to recover, these indicators need to show stronger positive signals.