The XRP price in the cryptocurrency market is facing challenges in its recovery after a significant drop from the $0.5250 resistance zone. It fell to a low of $0.4533 and is now trying to recover above $0.4880.
Currently, XRP is trading below $0.5050 and the 100-hourly Simple Moving Average. A bullish trend line with support at $0.4950 is forming, but the price could dip again if it fails to surpass the $0.5050 resistance zone.
Key points:
• XRP price declined sharply and tested the $0.4540 support.
• It is attempting a recovery but struggling to rise above $0.5050 and the 100-hourly SMA.
• Immediate resistance is at $0.500 and $0.5050, with further resistance at $0.5120 and $0.5250.
• Failure to break the $0.5050 resistance may lead to another drop, with support at $0.4950 and $0.4900.
• Technical indicators show the MACD is losing pace in the bearish zone, while the RSI is above 50.
Source: NEWSBTC
