XRP price is consolidating above the $0.520 support. The price may gain bearish momentum if it does not break above $0.550 and $0.570.
- XRP is showing bearish signals below the $0.550 and $0.570 resistance levels.
- The price is currently trading below $0.5420 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the XRP/USD pair, there is a major bearish trendline forming with resistance near $0.540 (data source from Kraken).
- A break above the $0.540 and $0.550 resistance levels will initiate a new rise for the pair.
XRP price target recovery
After a significant recovery, the XRP price faced significant resistance near $0.6200. The bears intervened and started a new downtrend. Like Bitcoin and Ethereum, it moved below the $0.600 and $0.570 support levels.
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It also fell below the $0.550 support level. The price tested the $0.5180 area. A low was formed near $0.5178 and the price is currently consolidating losses. There is also a major bearish trendline forming on the 4-hours chart of the XRP/USD pair with resistance near $0.540.
The price is currently trading below $0.5420 and the 100 simple moving average (4-hours). On the positive side, immediate resistance is located near the $0.540 area or trendline. This is near the 23.6% Fib retracement level of the downward move from the $0.6238 swing high to the $0.5178 low.
The first major resistance is near $0.550. The next major resistance is near the $0.570 area or the 50% Fib retracement level of the downside move from the $0.6238 swing high to the $0.5178 low.
Source: XRPUSD on TradingView.com
A break above the $0.570 resistance could trigger a strong rally. The next major resistance is near $0.625. If the bulls continue to be active above the $0.625 resistance, there could be a rally towards the $0.680 resistance. Any more profits could push the price towards the $0.700 resistance.
Are there more losses?
If XRP fails to clear the $0.550 resistance area, a new decline could begin. Initial support on the downside is near the $0.5180 area.
The next major support is at $0.5120. A bearish trend and a close below the $0.5120 level could push the XRP price lower. As stated, the price may retest the $0.500 support area.
technical indicators
4-Hour MACD – The MACD for XRP/USD is now losing speed in bearish territory.
4-Hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.5180, $0.5120 and $0.500.
Key resistance levels – $0.5420, $0.5500, $0.5700.
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Source: NewsBTC.com