XRP price extended its decline below the $0.520 support level. The price is currently trading within a range and is eyeing an upward breakout above the $0.5320 resistance.
- XRP extended its losses and fell below the $0.5120 support.
- The price is currently trading above $0.5250 and the 100-hour simple moving average.
- On the hourly chart of the XRP/USD pair, there is a major bearish trendline forming at resistance $0.5325 (data source from Kraken).
- A breakout of the $0.5365 resistance area could provide bullish momentum.
XRP price remains stable.
In the last two sessions, the price of XRP has steadily declined below the $0.5320 level. There have been several swing moves like Bitcoin and Ethereum. The price surged below the $0.5120 support area.
The low was formed at $0.5028 and the price is currently correcting losses. There was movement above the $0.5200 and $0.5250 resistance levels. The price broke above the 50% Fib retracement level moving down from the $0.5477 swing high to the $0.5028 low.
The price again rose above $0.5250 and the 100-hourly simple moving average. Immediate resistance is near the $0.5320 level. The hourly chart of the XRP/USD pair also has a major bearish trendline forming with resistance at $0.5325.
The first major resistance is the 76.4% Fib retracement level near $0.5365 or a downside move from the $0.5477 swing high to the $0.5028 low. A break above the $0.5365 resistance could push the price higher.
The next major resistance is near $0.5480. If the bulls push the price above the $0.5480 resistance, there could be a steady rise towards the $0.5570 resistance. Any more profits could push the price towards the $0.5800 resistance.
Another decline?
If XRP fails to clear the $0.5320 resistance area, another decline within the range could begin. Initial support on the downside is near the $0.5250 level and the 100-hourly SMA.
The next major support is at $0.5140. If a downtrend emerges and closes below the $0.5140 level, the price may gain bearish momentum. If indicated, the price may decline and retest the $0.5030 support in the near term.
technical indicators
Hourly MACD – The MACD for XRP/USD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.5250 and $0.5140.
Key resistance levels – $0.5320 and $0.5365.