XRP price started a fresh decline from the $0.5050 resistance zone. The price could decline further if there is a close below the $0.4865 support.
- XRP extended losses and traded below the $0.500 support.
- The price is now trading below $0.4950 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could slide further toward the $0.4550 support in the near term.
XRP Price Dives Below $0.50
Recently, XRP price attempted a recovery wave above the $0.5050 level. However, the bears were active and the price started a fresh decline below the $0.500 support, like Ethereum and Bitcoin.
There was a move below the $0.4920 and $0.4880 levels. A low was formed at $0.4867 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $0.5085 swing high to the $0.4867 low.
The price is now trading below $0.4950 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.4980 level. There is also a key bearish trend line forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.5085 swing high to the $0.4867 low.
Source: XRPUSD on TradingView.com
The first key resistance is near $0.500. A close above the $0.500 resistance zone could spark a strong increase. The next key resistance is near $0.5085 and the 100-hourly Simple Moving Average. If the bulls remain in action above the $0.5085 resistance level, there could be a rally toward the $0.5250 resistance. Any more gains might send the price toward the $0.550 resistance.
More Losses?
If XRP fails to clear the $0.50 resistance zone, it could start another decline. Initial support on the downside is near the $0.4865 level.
The next major support is at $0.4780. If there is a downside break and a close below the $0.4780 level, the price might accelerate lower. In the stated case, the price could retest the $0.450 support zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.4865 and $0.4780.
Major Resistance Levels – $0.500 and $0.5085.
Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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