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.
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.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.
Source: NewsBTC.com