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Home»EXCHANGE NEWS»Seeking support in a downward trend
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Seeking support in a downward trend

By Crypto FlexsJune 1, 20243 Mins Read
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Seeking support in a downward trend
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XRP price extended losses below the $0.5220 support area. It tested the $0.5120 support and is now attempting another recovery wave towards $0.550.

  • XRP is struggling to start a new rally above the $0.5320 resistance zone.
  • The price is currently trading below $0.530 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 near $0.5230 (data source from Kraken).
  • If the price stays below $0.5320, the pair may continue to decline.

XRP price falls further

XRP price remained in the same short-term bearish zone as Bitcoin and Ethereum. The decline could push the price below the key support at $0.5220. Finally, the price tested the $0.5120 support area.

The low was formed at $0.5126 and the price is now attempting a new recovery. There was a move above the $0.5165 level. The price crossed the 23.6% Fib retracement level of the bearish wave from the $0.5406 swing high to the $0.5126 low.

However, the price is still trading below $0.530 and the 100-hour simple moving average. On the other hand, the price is finding resistance near $0.5220. Additionally, on the hourly chart of the XRP/USD pair, there is a major bearish trendline forming with resistance near $0.5230.

The first major resistance is near $0.5265 or the 50% Fib retracement level of the bearish wave from the $0.5406 swing high to the $0.5126 low. A break above the $0.5265 resistance zone could push the price higher. The next major resistance is near $0.5320.

Source: XRPUSD on TradingView.com

If the price closes above the $0.5320 resistance line, there could be a steady rise towards the $0.5450 resistance line. Any more profits could push the price towards the $0.5650 resistance.

Are there any more drawbacks?

If XRP fails to clear the $0.5220 resistance area, it may continue to decline. Initial support for the downside is near the $0.5150 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 fall and retest the $0.50 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 – $0.5120 and $0.500.

Key resistance levels – $0.5220 and $0.5320.

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