Ripple's XRP token has been attempting to recover from the $0.4620 support level, but it is currently struggling to break through the $0.4780 resistance and may resume its downward trend.

XRP's Price Struggles to Gain Momentum

XRP's price is trading below $0.4800 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance at $0.4770 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may face rejections near $0.4780 and $0.480.

XRP Extends Losses, Finds Support at $0.4620

XRP's price, similar to Bitcoin and Ethereum, has extended losses below the $0.480 level. The price even dipped below $0.4650 and tested the $0.4620 support zone, where a low was formed at $0.4619. The price has since started a recovery wave.

Resistance Levels Hinder XRP's Upward Movement

XRP's price has faced resistance near the $0.4780 zone, which is the 61.8% Fib retracement level of the downward wave from the $0.4885 swing high to the $0.4620 low. The bears seem to be actively defending this level. If XRP fails to break through the $0.4800 resistance zone, it could start another decline, with initial support at $0.4685 and the next major support at $0.4620.

Technical Indicators Point to Potential Downside

The hourly MACD for XRP/USD is losing momentum in the bullish zone, while the hourly RSI is near the 50 level. If XRP breaks below the $0.4620 support, it could gain bearish momentum and potentially trade below the $0.450 support in the near term.

Potential Scenarios for XRP's Price

If XRP manages to clear the $0.4800 resistance, it could move towards the $0.4885 resistance, followed by the $0.5050 and $0.5250 levels. However, if the price fails to break above $0.4800, it may face another decline, with the next major support at $0.4620.