Key Points:
- XRP price recently retested the critical support zone at $0.5220, briefly dropping to $0.5192.
- XRP climbed above $0.5220, nearing a 23.6% Fibonacci retracement level, but remains under the 100-hourly SMA.
The XRP price has been testing its support levels with considerable intensity recently. The critical support zone at $0.5220 was retested, showing resilience despite a brief spike below this level. The price reached a low of $0.5192, highlighting the importance of this support zone in maintaining stability for XRP in the market.
XRP Trading Near 23.6% Fibonacci Level After $0.5192 Low
XRP has climbed above the $0.5220 mark in the latest trading sessions. The price is trading near a significant % Fibonacci retracement level, which is 23.6%. This level derives from the downward wave that began at $0.5405 and dropped to the recent low of $0.5192. Despite this recovery, XRP remains below $0.5320 and continues to trade under the 100-hourly simple moving average, indicating potential bearish pressure.
XRP Price: Resistance Levels Include $0.5280 and $0.5300
XRP faces several resistance levels that could determine its short-term trajectory. The immediate resistance is at $0.5280, which aligns with a key bearish trend line. The first key resistance level is at $0.5300, corresponding to the 61.8% Fibonacci retracement level of the decline from $0.5405 to $0.5192. Beyond this, the next significant resistance is at $0.5400, followed by further potential resistance at $0.5450. If the price surpasses these levels, additional gains could drive it towards the $0.5650 mark.
XRP Price Could Drop to $0.50 If $0.5120 Support Fails
Downside risks become more pronounced if XRP fails to clear the $0.5280 resistance. The initial support on the downside lies at $0.5220. The next major support is at $0.5120 if this level is breached. A break and close below $0.5120 could trigger a decline towards the psychological support level of $0.50, posing a significant risk for traders and investors.
Technical Indicators Show Bearish Sentiment for XRP
Technical indicators are currently reflecting a bearish sentiment. The hourly MACD is losing pace in the bearish zone, signalling weakening momentum. Additionally, the hourly RSI (Relative Strength Index) is below 50, suggesting that the bears have the upper hand in the short term. These indicators underscore the cautious outlook for XRP amidst the current market conditions.
XRP’s Key Levels: Support at $0.5220, Resistance at $0.5300
In summary, the major support levels for XRP are identified at $0.5220 and $0.5120. On the resistance side, the critical levels to watch are $0.5280 and $0.5300. The interplay between these support and resistance levels will likely dictate the next significant moves for XRP shortly, providing traders with crucial points to monitor for potential market actions.
