XRP Price Fails to Sustain Gains Above $0.600, Consolidate Losses near $0.540
- Linda HamiltonOriginal
- 2024-10-07 18:32:211026browse
XRP price gained bullish momentum after it broke the $0.5800 resistance zone and the 50-day simple moving average (blue).
.600, Consolidate Losses near .540" >
Key Takeaways:
XRP price is consolidating losses after a failed attempt to clear the $0.550 resistance zone. Immediate support is forming at $0.5120, below which the price could decline toward $0.450.
XRP Price Struggles at $0.550
Recently, XRP price showed signs of recovery after it bounced back from the $0.480 support. The bulls pushed the price above the $0.50 and $0.52 resistance levels. XRP price even rallied above the 50-day simple moving average (blue) and the $0.540 resistance.
The bullish momentum was strong, and the price even spiked above $0.620, outperforming Bitcoin and Ethereum. A minor correction was seen from the $0.650 resistance, but the bulls remained active and kept the price above the $0.600 support.
However, XRP price failed to continue its rally above the $0.5850 resistance. The price reacted to the downside and it even slipped below the $0.550 support. It seems like the bears are now in control, and the price could decline further.
Immediate support on the downside is forming at $0.5120, which is also the lower boundary of a key rising channel on the daily chart. A clear break below the $0.5120 support might call for a drop toward the $0.500 support.
More Downsides?
If the bears continue to push the price lower, the next major support is seen near the $0.4500 level. Below this level, the price could test the $0.4320 support. Any more losses might send the price toward the $0.4050 level or even $0.400.
Overall, XRP price is still struggling to start a sustained upward move above $0.600. If the bulls continue to struggle, there could be a major decline below $0.50 in the coming days.
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