XRP price holds key support at $0.5220. Bulls could target a fresh advance as long as the pair does not close below the $0.5220 support.
- XRP is struggling to start a new rally above the $0.5350 resistance zone.
- The price is currently trading below $0.5320 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 $0.5280 (data source from Kraken).
- Unless the bears push the price below $0.5220, the pair could start a new rally.
XRP price maintains support
XRP price began a downward trend again, retesting the same $0.5220 support area as Bitcoin and Ethereum. There was also a surge below the $0.5220 support area, but the uptrend was active.
A low was formed at $0.5192 and the price again rose above $0.5220. The price is currently trading near the 23.6% Fib retracement level of the bearish wave from the $0.5405 swing high to the $0.5192 low. It is currently trading below $0.5320 and the 100-hour simple moving average.
On the other hand, the price is finding resistance near $0.5280. Additionally, on the hourly chart of the XRP/USD pair, there is a major bearish trendline forming with resistance near $0.5280.
The first major resistance is near $0.5300 or the 61.8% Fib retracement level of the bearish wave from the $0.5405 swing high to the $0.5192 low. A break above the $0.5300 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 $0.5280 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. 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 – 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 – $0.5220 and $0.5120.
Key resistance levels – $0.5280 and $0.5300.