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XRP‘s price has been somewhat volatile lately. If stability is to be mentioned, the price has maintained the critical support level of $0.500. However, if it fails to recover above the resistance area of $0.530, the asset could face further losses. Which levels are prominent for XRP?
XRP Price Losses Expand
According to recent data, XRP’s price losses have expanded, and the asset began trading below the $0.530 support level. Currently, the price is trading below the $0.5250 level. This situation creates some uncertainty in the market, while technical analyses show a breakout above a downtrend line connected to the $0.5150 resistance.
Investors are focusing on the XRP/USD pair’s chart, closely monitoring the price movement. Notably, there was a brief increase above the $0.5120 resistance. However, the asset is still trading below the $0.5250 level. This situation is putting some pressure on the price.
Current Instant Resistance
Currently, there is instant resistance near the $0.5250 level. At this point, a close above the $0.530 resistance area could trigger a strong rise and direct the price upwards.
A key point for XRP is also the critical resistance level around $0.5465. If bulls manage to move above this level, an asset rally towards the $0.580 resistance could begin. However, the price will need to gain more to progress towards the $0.600 resistance.
XRP Fails to Surpass $0.53
Recently, XRP has failed to surpass the $0.530 resistance area, and a downward trend has become apparent once again. According to technical analyses, the first support level on the downside is around $0.51. However, a deeper decline could bring the main support at $0.5080 into significance.
If a close below the $0.5080 level occurs, a further decline in price is anticipated. In this scenario, it is expected that XRP will test the $0.4840 support area. Looking at technical indicators, the hourly MACD is losing momentum in the bearish zone for XRP/USD.
Similarly, the hourly RSI (Relative Strength Index) is also trending below the 50 level. This indicates that XRP’s current trend is bearish, highlighting the need for investors to be cautious. The main support levels are $0.5100 and $0.5080, but potential rises should watch for resistance levels at $0.5250 and $0.530.
