XRP price is consolidating losses above the $0.500 support. If the price fails to recover above the $0.530 resistance zone, losses may widen.
- XRP extended losses and traded below the $0.530 support level.
- The price is currently trading below $0.5250 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair (data source from Kraken), a breakout occurred above a bearish trend line connecting with resistance at $0.5150.
- If the bulls push the price above $0.530, the pair could begin another rally.
XRP price is stable above $0.50.
Recently, XRP price extended its losses and, like Bitcoin and Ethereum, traded below the $0.5250 support level. There was a move towards $0.5080 support. A low was formed at $0.5087 and the price is currently consolidating losses.
There was a slight uptick above the $0.5120 resistance line. Moreover, a breakout occurred above the bearish trend line connecting the $0.5150 resistance level on the hourly chart of the XRP/USD pair. However, the pair is still trading below $0.5250 and the 100-hour simple moving average.
Immediate resistance is near the $0.5250 level. This is near the 23.6% Fib retracement level of the downward move from the $0.5699 swing high to the $0.5087 low. The first major resistance is near $0.530 and the 100-hour simple moving average.
Source: XRPUSD on TradingView.com
A break above the $0.530 resistance could trigger a strong rally. The next major resistance is near $0.5465. If the bulls continue to be active above the $0.5465 resistance, there could be a rally towards the $0.580 resistance. Any more profits could push the price towards the $0.600 resistance.
Are there more losses?
If XRP fails to clear the $0.530 resistance area, another decline could begin. Initial support for the downside is near the $0.5150 level.
The next major support is at $0.5080. A downward breakout and a close below the $0.5080 level could push the price lower. If indicated, the price could retest the $0.4840 support.
technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.5150 and $0.5080.
Key resistance levels – $0.5250 and $0.530.