XRP price started a new decline after failing near $0.5570. The price is now correcting its upward trend and could fall significantly if it breaks the 100-hours SMA.
- XRP struggled near $0.5570 and made fewer gains.
- The price is currently trading below $0.5350 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair, there is a bearish trendline connecting with resistance at $0.5320 (data source from Kraken).
- To avoid a sharp decline, the pair needs to stay above the 100-hour SMA.
XRP price falls again
After a steady rise, XRP price faced resistance near $0.5570. The price formed a short-term high like Bitcoin or Ethereum and started a new decline at $0.5571.
There was movement below the $0.5420 level. The price fell below the 50% Fib retracement level, rising from the $0.5065 swing low to the $0.5571 high. The price surged below the $0.5250 support and the 100-hourly simple moving average.
However, the bulls are protecting the 61.8% Fib retracement level from the $0.5065 swing low to the $0.5571 high. It is currently trading above $0.5250 and the 100-hour simple moving average.
Immediate resistance is near the $0.5310 level. On the hourly chart of the XRP/USD pair, there is also a bearish trend line connecting with resistance at $0.5320. The first major resistance is near $0.5350. A break above the $0.5350 resistance could push the price higher.
The next major resistance is near $0.5450. If bulls push the price above the $0.5450 resistance, there could be a steady rise towards the $0.5570 resistance. Any more profits could push the price towards the $0.5650 resistance.
Are there any more drawbacks?
If XRP fails to clear the $0.5350 resistance area, it may continue to decline. Initial support on the downside is near the $0.5250 level and the 100-hourly SMA.
The next major support is at $0.5185. If a downtrend emerges and closes below the $0.5185 level, the price may gain bearish momentum. If indicated, the price may move lower to test the $0.5065 support in the near term.
technical indicators
Hourly MACD – The MACD for XRP/USD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.5250 and $0.5185.
Key resistance levels – $0.5350 and $0.5450.