Bitcoin

Resistance

XRP price is struggling to clear the $0.5120 resistance. The price could decline again in the near term if it stays below $0.5060 and $0.5120.
<ul>
 <li>XRP is struggling to gain pace for a move above the $0.5120 level.</li>
 <li>The price is now trading below $0.5050 and the 100-hourly Simple Moving Average.</li>
 <li>There is a short-term declining channel forming with resistance at $0.5040 on the hourly chart of the XRP/USD pair (data source from Kraken).</li>
 <li>The pair could start a decent increase if there is a close above the $0.5120 resistance.</li>
</ul>
<h2 id="xrp-price-stuck-near-0-50">XRP Price Stuck Near $0.50</h2>
Yesterday, we discussed how XRP price started a recovery wave, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-firm-61000/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-break-2925/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>. There was a move above the $0.4950 and $0.50 resistance levels.
The price even moved above $0.5100, but the bears were active near the $0.5120 resistance. A high was formed at $0.5120 and the price is now correcting gains. There was a move below the 50% Fib retracement level of the upward move from the $0.4865 swing low to the $0.5120 high.
The price is now trading below $0.5050 and the 100-hourly Simple Moving Average. However, the bulls are active above the 61.8% Fib retracement level of the upward move from the $0.4865 swing low to the $0.5120 high.
Immediate resistance is near the $0.5040 level and the 100-hourly Simple Moving Average. There is also a short-term declining channel forming with resistance at $0.5040 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5060. A close above the $0.5060 resistance zone could send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_8044a0.png?resize=1024%2C461" rel="noopener noreferrer nofollow"><img loading="lazy" src="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_8044a0.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461"></a>
The next key resistance is near $0.5120. If the bulls remain in action above the $0.5120 resistance level, there could be a rally toward the $0.5250 resistance. Any more gains might send the price toward the $0.5350 resistance.
<h2 id="more-losses">More Losses?</h2>
If XRP fails to clear the $0.5040 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4965 level. The next major support is at $0.4925.
If there is a downside break and a close below the $0.4925 level, the price might accelerate lower. In the stated case, the price could even drop below the $0.4865 support zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.4965 and $0.4925.
Major Resistance Levels – $0.5040 and $0.5120.

XRP Price Faces Uphill Battle: Struggles to Initiate Fresh Upside

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