The price of XRP, associated with Ripple, has fallen by 15% and dipped below $0.40 as it struggles to recover from resistance levels. Key technical indicators suggest limited gains ahead amidst significant resistance.
The price of XRP, the cryptocurrency associated with Ripple, experienced a significant decline, falling by 15% and dipping below the $0.40 mark. This drop follows a struggle to overcome the $0.4550 resistance level and mirrors similar movements in the prices of Bitcoin and Ethereum. XRP fell sharply below the $0.4240 support zone and even spiked below the $0.400 level, hitting a low of $0.3826.
Currently, XRP is trading below $0.4250 and the 100-hourly Simple Moving Average. Attempts at recovery have faced resistance around the $0.4050 and $0.4150 levels. Notably, a key bearish trend line is forming with resistance at the $0.4150 level on the hourly chart of the XRP/USD pair.
If XRP fails to clear the $0.4150 resistance zone, further declines could ensue, with initial support near $0.390 and major support at $0.3850. A close below this level might lead to a drop toward the $0.3620 support in the near term.
Key technical indicators show the hourly MACD gaining pace in the bearish zone and the RSI now below the 50 level. Major support levels are identified at $0.390 and $0.3850, whereas significant resistance levels are noted at $0.4050 and $0.4150.
The current situation reflects a challenging environment for XRP’s recovery, with potential limited gains and significant resistance ahead.
