XRP price is consolidating above the $0.50 support. If the price closes below the $0.50 support line, the price may gain bearish momentum.
- XRP is showing bearish signals below the $0.525 and $0.550 resistance levels.
- The price is currently trading below $0.525 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the XRP/USD pair, there is a bearish trendline connecting with resistance near $0.520 (data source from Kraken).
- A break above the $0.520 and $0.525 resistance levels will initiate a new rise for the pair.
XRP price re-examination major support
Over the past few days, the price of XRP has seen a fresh decline below the $0.550 support. A downtrend could push the price into a short-term downside zone below $0.525, like Bitcoin or Ethereum.
The price surged below the $0.500 support. A low was formed near $0.4961 and the price is currently consolidating losses. It is back above the $0.500 level and is showing small signs of recovery. It is currently trading below $0.525 and the 100 simple moving average (4-hours).
Meanwhile, immediate resistance is located near $0.520. There is also a bearish trend line tying with resistance near $0.520 on the 4-hours chart of the XRP/USD pair. The trend line is close to the 23.6% Fib retracement level of the bearish wave from the $0.6240 swing high to the $0.4960 low.
The first major resistance is near $0.532, a break above which could trigger an upward move towards the $0.560 resistance. The $0.6240 swing high to $0.4960 low is close to the 50% Fib retracement level of the bearish wave.
Source: XRPUSD on TradingView.com
A break above the $0.560 resistance could trigger a strong rally. The next major resistance is near $0.594. If the bulls continue to be active above the $0.594 resistance, there could be a rally towards the $0.620 resistance. Any more profits could push the price towards the $0.650 resistance.
Another drop?
If XRP fails to clear the $0.525 resistance area, a new decline could begin. Initial support on the downside is near the $0.500 area.
The next major support is at $0.495. A downward breakout and a close below the $0.495 level could push the XRP price lower. If indicated, the price may retest the $0.450 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 – $0.500, $0.495, $0.450.
Key resistance levels – $0.520, $0.525, $0.560.
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