XRP price is consolidating above the $0.520 support. The price could gain bearish momentum unless there is a close above USD 0.550 and USD 0.570.
- XRP is showing bearish signs below the USD 0.550 and USD 0.570 resistance levels.
- The price is now trading below $0.5420 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair will start a new rise if it overcomes the USD 0.540 and USD 0.550 resistance levels.
XRP price aims for recovery
After a decent recovery wave, XRP price faced heavy resistance near the $0.6200 zone. The bears intervened and managed to start a new decline. There was a move below the USD 0.600 and USD 0.570 support levels, like Bitcoin and Ethereum.
There was also a decline below the $0.550 support. The price tested the $0.5180 zone. A low was formed near USD 0.5178, and the price is now consolidating losses. There is also a major bearish trendline forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair.
The price is now trading below $0.5420 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.540 zone or the trendline. It is close to the 23.6% Fib retracement level of the downward move from the $0.6238 swing high to the $0.5178 low.
The first major resistance is near USD 0.550. The next major resistance is near the $0.570 zone or the 50% Fib retracement level of the downward move from the $0.6238 swing high to the $0.5178 low.
Source: XRPUSD on TradingView.com
A close above the $0.570 resistance zone could lead to a strong upside. The next major resistance is near USD 0.625. If the bulls continue to act above the USD 0.625 resistance level, a rally towards the USD 0.680 resistance could take place. Any further gains could send the price towards the USD 0.700 resistance.
Lose more?
If XRP fails to break the USD 0.550 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.5180 zone.
The next major support is $0.5120. If there is a downside break and a close below the USD 0.5120 level, the XRP price could accelerate lower. In the said case, the price could retest the $0.500 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $0.5180, $0.5120 and $0.500.
Major resistance levels – $0.5420, $0.5500 and $0.5700.
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