XRP Price Dips Again as it Struggles to Surpass the $0.500 Resistance Zone

XRP price attempted a fresh increase above the $0.4950 resistance zone. It even spiked above the $0.50 resistance but there was no real bullish momentum.

XRP price showed signs of weakness and failed to clear the $0.50 resistance zone. XRP price attempted a fresh increase above the $0.4950 resistance zone. It even spiked above the $0.50 resistance. However, there was no real bullish momentum. A high was formed at $0.5019 and the price started a fresh decline.

The price moved lower and it even traded below the $0.4980 and $0.4950 levels. There was a break below a short-term rising channel with support at $0.4920 on the hourly chart of the XRP/USD pair. The pair even traded below the 50% Fib retracement level of the upward move from the $0.4765 swing low to the $0.5019 high.

XRP Price Dips Again

The price is now trading below $0.4950 and the 100-hourly Simple Moving Average. There was also a formation of a bearish candle closing in the red. However, the bulls seem to be active near the $0.4850 support and the 61.8% Fib retracement level of the upward move from the $0.4765 swing low to the $0.5019 high.

If there is a fresh increase, the price might face hurdles near the $0.4950 level. The first major resistance is near the $0.50 and $0.5020 levels. A clear move above the $0.5020 resistance might send the price toward the $0.5150 resistance.

The next major resistance is near the $0.5250 level. A close above the $0.5250 resistance zone could send the price higher. The next key resistance is near $0.5320. Any more gains might send the price toward the $0.550 resistance.

More Losses?

If XRP fails to clear the $0.50 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4850 level.

The next major support is at $0.4765. If there is a downside break and a close below the $0.4765 level, the price might gain bearish momentum. In the stated case, the price could even trade below the $0.4540 low in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.4850 and $0.4765.

Major Resistance Levels – $0.5020 and $0.5150.

News source：

https://www.kdj.com/cryptocurrencies-news/articles/xrp-price-dips-struggles-surpass-resistance-zone.html🎜

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