XRP price is struggling to gain bullish momentum above $0.50. The price needs to stabilize above $0.50 and $0.520 to begin a steady rise in the near term.
- XRP price extended losses before finding support near $0.4765.
- The price is currently trading above $0.4850 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair, there is a major bearish trendline forming with resistance at $0.4980 (data source from Kraken).
- If it settles above the $0.50 resistance zone, it could begin a significant rally.
XRP price maintains support
XRP price failed to start a new rally and reacted back to the Bitcoin-like decline. There was some movement below the $0.4800 level, but the bulls remained active near the $0.4765 level.
A low was formed at $0.4765 and the price is currently correcting losses. There was movement above the $0.4850 and $0.4900 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $0.5104 swing high to the $0.4765 low.
It is currently trading above $0.4850 and the 100-hour simple moving average. On the upside, the price is facing resistance near the $0.4980 level and the 61.8% Fib retracement level for a downward move from the $0.5104 swing high to the $0.4765 low.
The hourly chart of the XRP/USD pair also has a major bearish trendline forming with resistance at $0.4980. The first major resistance is near $0.500. The next major resistance is near the $0.5020 level.
A break above the $0.5020 resistance zone could push the price higher. The next major resistance is near $0.5200. A clear move above the $0.520 resistance could lead to a steady rise towards the $0.5320 resistance. Any more profits could push the price towards the $0.5500 resistance.
Another drop?
If XRP fails to clear the $0.4980 resistance area, another decline could begin. Initial support on the downside is near the $0.490 level and the 100-hourly simple moving average.
The next major support is at $0.4850. If a downtrend emerges and closes below the $0.4850 level, the price may gain bearish momentum. If indicated, the price may trade below $0.4765 lows 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 above the 50 level.
Key support levels – $0.4850 and $0.4765.
Key resistance levels – $0.4980 and $0.500.