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2024-06-03 02:28:05

XRP Price Struggle Continues: Will It Find Support?

XRP price extended losses below the $0.5120 support zone. It tested the $0.5080 zone and now attempting another recovery wave toward $0.5350. XRP is struggling to start a fresh increase above the $0.5250 resistance zone. The price is now trading below $0.5150 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to move down if the price stays below $0.5250. XRP Price Extends Losses XRP price remained in a short-term bearish zone like Bitcoin and Ethereum. The price struggled to start a recovery wave and extended losses below the $0.5220 support zone. It even declined below the $0.5120 support. A low was formed at $0.5080 and the price is now attempting a fresh recovery wave. There was a move above the $0.5120 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5080 low. However, the price is still trading below $0.520 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.5180 level. There is also a key bearish trend line forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5250 or the 50% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5080 low. A close above the $0.5250 resistance zone could send the price higher. The next key resistance is near $0.5320. If there is a close above the $0.5320 resistance level, there could be a steady increase toward the $0.5450 resistance. Any more gains might send the price toward the $0.5650 resistance. More Downsides? If XRP fails to clear the $0.5180 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5120 level. The next major support is at $0.5080. If there is a downside break and a close below the $0.5080 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.50 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5120 and $0.5080. Major Resistance Levels – $0.5180 and $0.5250.