XRP Bears Persist, Pointing Towards Potential Further Losses

XRP's price trajectory continues downward after encountering resistance at the $0.5050 zone, with indicators signaling the possibility of additional declines, especially if key support levels are breached.

XRP witnessed extended losses, slipping below the critical $0.500 support level.

Currently, the price is trading under $0.4950 and the 100-hourly Simple Moving Average.

On the hourly chart of the XRP/USD pair, a significant bearish trend line is evident, with resistance around $0.4980.

The downward movement could lead XRP towards the $0.4550 support in the short term.

XRP Price Faces Pressure Below $0.50

Despite a recent attempt to rebound above $0.5050, XRP faced strong resistance, initiating a fresh decline below the $0.500 mark, akin to Ethereum and Bitcoin.

The price dipped below key support levels at $0.4920 and $0.4880, establishing a low at $0.4867 before entering a consolidation phase. Currently, it hovers near the 23.6% Fibonacci retracement level from the swing high of $0.5085 to the recent low of $0.4867.

Trading beneath $0.4950 and the 100-hourly Simple Moving Average, immediate resistance looms around $0.4980, coinciding with the bearish trend line on the hourly chart. Additionally, the 50% Fibonacci retracement level near $0.4980 poses a significant barrier.

Looking ahead, a close above the $0.500 resistance level could trigger a bullish momentum, with further resistance expected around $0.5085 and the 100-hourly Simple Moving Average. Subsequent gains might propel XRP towards the $0.5250 and $0.550 resistance levels.

Potential for Further Declines?

Failure to breach the $0.50 resistance zone may instigate another round of downward movement. Initial support rests at $0.4865, followed by a crucial level at $0.4780.

A breach and close below $0.4780 could accelerate the downward trend, potentially leading to a retest of the $0.450 support zone.

Technical Indicators

Hourly MACD: Showing increasing momentum in the bearish zone for XRP/USD.

Hourly RSI (Relative Strength Index): Below the 50 level, indicating bearish sentiment.

Major Support Levels: $0.4865 and $0.4780.

Major Resistance Levels: $0.500 and $0.5085.

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