XRP Slips Below Key Support Level as Bearish Pressure Grows

Coinspeaker
XRP Slips Below Key Support Level as Bearish Pressure Grows

XRP XRP $0.57 24h volatility: -2.1% Market cap: $32.21 B Vol. 24h: $1.03 B price has recently declined significantly, falling below critical support levels. After struggling to surpass the $0.60 resistance, XRP’s value has decreased, now trading below $0.5720 and the 100-hourly Simple Moving Average. This downward trend suggests that the cryptocurrency might face further declines, potentially dropping below the $0.5500 support zone.

XRP tried to extend its upward movement alongside Bitcoin BTC $58 753 24h volatility: -2.0% Market cap: $1.16 T Vol. 24h: $27.18 B and Ethereum ETH $2 302 24h volatility: -4.4% Market cap: $276.89 B Vol. 24h: $15.45 B , reaching a high of $0.5989. However, it struggled to surpass the important resistance level at $0.60. This inability to break through led to a swift decline, with the price dropping below $0.5750. Additionally, a key bullish trend line that had been offering support around $0.5850 was broken, signaling a loss of upward momentum.

Currently, XRP is trading below $0.5680, with the 100-hourly Simple Moving Average serving as resistance. To initiate a recovery, XRP would need to break through resistance at $0.5720 and $0.5800. If it can successfully move beyond $0.5850, the price could potentially revisit the $0.5980 resistance area. However, given the ongoing bearish trend, the likelihood of such a rebound remains unclear.

Photo: TradingView

If XRP fails to rise back above the $0.5720 level, the downtrend is likely to persist. The nearest support is around $0.5550, with stronger support at $0.5420, which aligns with the 76.4% Fibonacci retracement from the previous upward move between $0.5234 and $0.5989. A break below $0.5420 could send XRP toward the $0.5300 support level, with a potential drop to $0.5250 or lower.

Technical indicators are also pointing towards further weakness. The hourly MACD shows increased bearish momentum, and the RSI (Relative Strength Index) has dipped below 50, suggesting reduced buying interest. This combination of technical signals reinforces the bearish outlook for XRP.

Despite Ripple’s recent legal victory, where the SEC decided not to appeal a ruling that XRP is not a security, the price has struggled to respond positively. This decision, which marked the end of a protracted legal battle for Ripple, was expected to boost XRP. However, the prevailing market conditions and technical factors have overshadowed this positive news.

The SEC’s decision to not appeal the ruling could have long-term benefits for the broader cryptocurrency market by setting a precedent for how digital assets are regulated. However, XRP’s current price action reflects ongoing technical challenges rather than a clear positive impact from the legal win. The cryptocurrency’s near-term outlook remains cautious, with potential for further declines if current trends continue.

XRP Slips Below Key Support Level as Bearish Pressure Grows