The cryptocurrency market has experienced significant volatility recently, with XRP at the center of this fluctuation. XRP has entered a downtrend, starting from the resistance area at $0.5050. Currently, the price is trading below the critical support level of $0.4865, and a close below this level could result in further declines.
XRP’s losses have widened, and it is now trading below the $0.500 support. A notable downtrend line has formed at the $0.4980 resistance, indicating that the pair could retreat further towards the support at $0.4550 in the near term. Stay updated with the latest technology news on NEWSLINKER.
Although XRP’s price attempted a recovery wave above the $0.5050 level, bears have dominated the market. Similar to Ethereum and Bitcoin, Ripple (XRP) has experienced a sharp decline below the $0.500 support. The price dropped to its lowest level at $0.4867 and is currently trying to recover from these losses.
In the upcoming period, the most significant resistance the price will face is around $0.500. A close above this level could initiate a strong upward trend. However, there are still challenges ahead, especially at the $0.5085 resistance level. If bulls overcome this resistance, a rally towards the $0.5250 resistance could be possible. Further gains would require the price to advance towards the $0.550 resistance.
According to technical analysis, if XRP fails to surpass the $0.50 resistance area, a new downtrend may begin. The first support level in a downward move is around $0.4865, and if this level is broken, the next main support point is at $0.4780. A close below this level could indicate further price drops, with a potential retest of the $0.450 support region.
Looking at the technical indicators, the hourly MACD indicator for the XRP/USD pair is showing momentum in a downward trend. Similarly, the hourly RSI (Relative Strength Index) is trending below the 50 level, suggesting that selling pressure may continue.
Key support levels for XRP are identified at $0.4865 and $0.4780, while resistance levels are at $0.500 and $0.5085. Therefore, XRP’s near-term performance will depend on whether these support and resistance levels are breached.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research. Stay informed by following our news on Telegram, Facebook, Twitter, and Coinmarketcap.
