XRP price is falling below the $0.5350 support area. It is currently testing the key support at $0.5220 and the risk of further downside remains.
- XRP is struggling to gain bullish momentum above the $0.5350 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 bearish trendline connecting with resistance near $0.5265 (data source from Kraken).
- Unless the bears push the price below $0.5220, the pair could start a new rally.
Support for XRP price return
In the last two sessions, the price of XRP has shown a bearish movement below the $0.5320 area, similar to Bitcoin and Ethereum. The price dipped below the $0.5250 support zone before an upward move took place.
A low was formed at $0.5212 and the price is currently consolidating losses. It attempted a recovery above the 23.6% Fib retracement level moving down from the $0.5405 swing high to the $0.5212 low. However, the bears are active near the $0.5300 area.
On the hourly chart of the XRP/USD pair, there is also a bearish trend line connecting with resistance near $0.5265. The price is currently trading below $0.530 and the 100-hour simple moving average.
Immediate resistance is near the $0.5265 level. The first major resistance is the 61.8% Fib retracement level near $0.5320 or down from the $0.5405 swing high to the $0.5212 low. A break above the $0.5320 resistance could push the price higher. The next major resistance is near $0.540.
A close above the $0.540 resistance could lead to a steady rise towards the $0.5450 resistance. Any more profits could push the price towards the $0.5650 resistance.
Are there any more drawbacks?
If XRP fails to clear the $0.5320 resistance area, it may continue to fall. Initial support for the downside is near the $0.5220 level.
The next major support is at $0.5120. If a downtrend emerges and closes below the $0.5120 level, the price may gain bearish momentum. 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 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 – $0.5220 and $0.5120.
Key resistance levels – $0.530 and $0.5320.