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05/08/24
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XRP Faces Steep Decline: Navigating Bearish Trends Below $0.50
XRP has experienced a significant decline, falling over 15% and currently trading below the $0.50 mark. The cryptocurrency exhibits strong bearish signals, indicating a tough road ahead for recovery as it struggles to surpass the resistance level at $0.520.
Currently, XRP is trading under both the $0.500 and $0.485 support levels, with the price reflecting a drop below $0.4880 and the 100-hour Simple Moving Average. A critical bearish trend line is developing, marking resistance near the $0.5180 level on the hourly chart for the XRP/USD pair. A potential recovery may occur if the price can break through the $0.520 resistance zone.
The downward trend initiated as XRP fell below the $0.500 support level, coinciding with declines in Ethereum and Bitcoin. After breaking below $0.4850, XRP dropped to test the $0.460 area, where a low level was registered. Currently, the price is consolidating these losses, showing bearish tendencies below the 23.6% Fibonacci retracement level from the recent high of $0.5767 to the low of $0.460.
For any recovery to take shape, the price must overcome the initial resistance around $0.500. Following this, the next notable resistance could either be at the $0.5180 trend line or at the 50% Fibonacci correction level of the fall from the $0.5767 swing high to the $0.460 low. A decisive move above $0.520 could propel XRP towards the $0.5350 resistance level. Further gains might push it towards $0.5440 and potentially $0.550 or $0.5650.
Conversely, if XRP fails to navigate past the $0.520 resistance, the downward momentum could persist. The initial support level to watch is $0.4650, followed by a critical support zone at $0.460. A breach and closure below $0.460 could lead to further declines, possibly targeting support at $0.4350, with an extended goal of reaching $0.4250.
Technical indicators reveal that the MACD is gaining momentum within the bearish realm, while the Relative Strength Index (RSI) is positioned below the 50 mark, reinforcing the negative sentiment. Major support levels remain anchored at $0.460 and $0.450, with resistance points set at $0.500 and $0.520.
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