XRP price extended losses below the $0.5650 support, showing bearish signs and possibly declining further below the $0.540 level.
The price started a fresh decline below the $0.600 zone and is now trading below $0.5650 and the 100-hourly Simple Moving Average.
A connecting bearish trend line with resistance at $0.5560 is forming on the hourly chart, indicating potential recovery if the $0.5650 resistance is cleared.
XRP failed to stay above the $0.60 support and extended losses similar to Bitcoin and Ethereum, testing the $0.5440 level.
The price is trying to start a recovery wave and test the 23.6% Fib retracement level of the recent decline from $0.5721 to $0.5440.
Despite trading below $0.5650 and the 100-hourly SMA, there is resistance near the $0.5550 and $0.5560 levels, with the next key resistance at $0.5650.
A move above $0.5650 could send the price towards $0.5720 and possibly $0.60 in the near term.
If XRP fails to clear $0.5650 resistance, support can be expected near $0.5440, $0.5320, and potentially declining further to $0.5220 or $0.5150.
Technical indicators show the MACD gaining pace in the bearish zone and RSI below 50.
