XRP price began another downward trend after failing to break above the $0.530 resistance level. The price is back below $0.5150 and showing some signs of weakness.
- XRP struggled near $0.5300 and began a new downtrend.
- The price is currently trading below $0.5150 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair (data source from Kraken), a break has occurred below the main contract triangle with support at $0.520.
- The pair could gain bearish momentum if it closes below $0.500.
XRP price turns red
After a steady rise, XRP price faced resistance near $0.530. A high was formed at $0.5293 and the price began a downward correction similar to Bitcoin and Ethereum. The price fell below the $0.5220 level.
It moved below the 50% Fib retracement level of the bullish wave from the $0.4967 swing low to the $0.5293 high. Moreover, on the hourly chart of the XRP/USD pair, a break has occurred below the main contract triangle with support at $0.520.
The price is currently trading below $0.5150 and the 100-hour simple moving average. Immediate resistance is near the $0.5150 level. The first major resistance is near $0.520.
A break above the $0.520 resistance could push the price higher. The next major resistance is near $0.5220. If the bulls push the price above the $0.5280 resistance, there could be a fresh move towards the $0.5350 resistance. Any more profits could push the price towards the $0.550 resistance.
Are there more losses?
If XRP fails to clear the $0.5150 resistance area, it may continue to decline. Initial support on the downside is near the $0.5045 level or the 76.4% Fib retracement level of the upward wave from the $0.4967 swing low to the $0.5293 high. The next major support is at $0.500.
Key support is currently near $0.4965. A downward breakout and a close below the $0.4965 level could push the price lower. If indicated, the price may move lower to test the $0.4840 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 – $0.5040 and $0.5000.
Key resistance levels – $0.5150 and $0.5200.