XRP price recently extended losses, diving towards the $0.5320 support level. It has since started a recovery, attempting to climb above $0.550. The price is now trading below $0.560 and the 100-hourly Simple Moving Average.
A new bearish trend line is forming, presenting resistance at $0.5570. Clearing this resistance could propel the price toward the $0.600 zone.
If the price fails to overcome the $0.5570 resistance, another decline could ensue, with initial support at $0.5480 and major support at $0.5420.
Technical indicators show the MACD losing pace in the bearish trend, while the RSI is below the 50 level. Major support levels are at $0.5420 and $0.5320, and resistance levels are at $0.5570 and $0.5720.
