XRP price is falling below the $0.5200 support. If the price closes below the $0.50 support line, the price may gain bearish momentum.
- XRP is showing bearish signs below the $0.525 and $0.512 resistance levels.
- The price is currently trading below $0.520 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the XRP/USD pair (data source from Kraken), a break has occurred below the main contract triangle with support at $0.5220.
- The pair now faces further downside risk below the $0.5000 support.
XRP price takes a hit
Over the past few days, the price of XRP has shown weakness and moved below the $0.550 support line. Bears, unlike Bitcoin or Ethereum, remained active near $0.5500 resistance and protected the recovery.
There was a fresh decline from the $0.5389 high and the decline pushed the price below $0.5200. There was a steady downtrend and a break below the major contraction triangle supporting $0.5220 on the 4-hours chart of the XRP/USD pair.
The price is currently trading below $0.520 and the 100 simple moving average (4-hours). A low was formed near $0.5012 and the price is currently consolidating losses. Meanwhile, immediate resistance is located near $0.520. The $0.5389 swing high to the $0.5012 low is near the 50% Fib retracement level of the bearish wave.
The first major resistance is near $0.5380 or the 76.4% Fib retracement level of the bearish wave from the $0.5389 swing high to the $0.5012 low, above which the price may rise towards the $0.5380 resistance.
Source: XRPUSD on TradingView.com
A break above the $0.5380 resistance could trigger a strong rally. The next major resistance is near $0.5550. If the bulls continue to be active above the $0.5550 resistance, there could be a rally towards the $0.5800 resistance. Any more profits could push the price towards the $0.6000 resistance.
Main disadvantage brakes?
If XRP fails to clear the $0.5200 resistance area, it may continue to fall. Initial support on the downside is near the $0.502 area.
The next major support is at $0.500. A bearish trend and a close below the $0.500 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 pacing in bearish territory.
4-Hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.505, $0.500, $0.450.
Key resistance levels – $0.520, $0.538, $0.550.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.