XRP price started a new decline from the $0.5320 resistance zone. It is currently testing the $0.5180 support and may also test the $0.5120 support area.
- XRP failed near $0.5320 and began a downward correction.
- The price is currently trading below $0.5250 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair, there is a bearish trendline connecting with resistance near $0.5250 (data source from Kraken).
- If it stays below the $0.5250 resistance zone, the pair could fall further.
XRP price falls again
XRP price rose above the $0.5265 level, similar to Bitcoin and Ethereum. The price surged above the $0.5300 level before a downtrend occurred.
A high was reached at $0.5325 and the price began a downward correction. There was movement below the $0.5250 level. It traded below the 50% Fib retracement level of the bullish wave from the $0.5080 swing low to the $0.5325 high.
The price is currently trading below $0.5250 and the 100-hour simple moving average. However, the bulls are active near the 61.8% Fib retracement level of the bullish wave from the $0.5080 swing low to the $0.5325 high.
On the other hand, the price is finding resistance near $0.5250. On the hourly chart of the XRP/USD pair, there is also a bearish trend line connecting with resistance near $0.5250. The first major resistance is near $0.5300. The next major resistance is near the $0.5320 level. A break above the $0.5320 resistance could push the price higher. The next major resistance is near $0.5450.
If the price closes above the $0.5450 resistance, there could be a steady rise towards the $0.5520 resistance. Any more profits could push the price towards the $0.5650 resistance.
Are there more losses?
If XRP fails to clear the $0.5250 resistance area, it may continue to decline. Initial support for the downside is near the $0.5165 level.
The next major support is at $0.5120. A downward breakout and a close below the $0.5120 level could push the price lower. If indicated, the price may decline and retest the $0.5020 support in the near term.
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 – $0.5165 and $0.5120.
Key resistance levels – $0.5250 and $0.5320.