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XRP Price Continues to Struggle: Can it Find Support?

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XRP price has been facing challenges with starting a fresh rally above the $0.5250 resistance zone. The price is currently trading below $0.5150 and the 100-hourly Simple Moving Average, indicating a bearish trend. A key bearish trend line has formed with resistance near $0.5180 on the hourly chart of the XRP/USD pair sourced from Kraken. If the price remains below $0.5250, it could continue to move down.

Despite attempted recovery waves, XRP price has extended losses below the $0.5120 support zone and tested the $0.5080 level. The price is now attempting another recovery wave towards $0.5350 after climbing above the 23.6% Fib retracement level. However, resistance near $0.5180 and $0.5250 may hinder further upward movement. A close above $0.5320 could signal a steady increase towards $0.5450, with potential to reach $0.5650.

On the downside, if XRP fails to break through the $0.5180 resistance zone, it could face further declines. Initial support levels are at $0.5120 and $0.5080, with a potential retest of the $0.50 support in the near term if the price continues to decrease. Technical indicators such as the MACD and RSI are currently showing bearish signals, suggesting a possible continuation of the downward trend.

In summary, XRP price has been struggling to overcome key resistance levels and initiate a rally. While attempts to recover have been made, the ongoing bearish trend is evident in the failure to break above $0.5250 and the formation of a key bearish trend line. Traders should watch for potential support levels at $0.5120 and $0.5080, while keeping an eye on resistance levels at $0.5180 and $0.5250 for possible breakthroughs or reversals in the XRP price movement.

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