XRP price failed to recover above the $0.50 resistance zone. The price is heading lower again and there is a risk of more downside below $0.4840.
- XRP is still showing bearish signs and struggled near USD 0.50.
- The price is now trading below $0.4920 and the 100-hourly Simple Moving Average.
- A major contracting triangle is forming at resistance at $0.4950 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could recover, but the bears could be active near the resistance at $0.4950.
XRP Price Drops
XRP price did not recover above the $0.50 resistance like Ethereum and Bitcoin. The price peaked near the $0.4981 level and recently started declining again.
There was a move below the USD 0.4980 and USD 0.4950 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $0.4701 swing low to the $0.4981 high. It is now trading below $0.4920 and the 100-hourly Simple Moving Average.
The bulls are now active near the $0.4840 support and the 50% Fib retracement level of the upward move from the $0.4701 swing low to the $0.4981 high.
On the upside, the price is facing resistance near the $0.4920 level. The first major resistance is near $0.4950. There is also a major contracting triangle forming with resistance at $0.4950 on the hourly chart of the XRP/USD pair. The next major resistance is around the $0.50 level.
A close above the $0.50 resistance zone could send the price higher. The next major resistance is near $0.5050. If there is a close above the USD 0.5050 resistance level, there could be a steady rise towards the USD 0.5250 resistance. Any further gains could send the price towards the resistance at USD 0.5320.
Lose more?
If XRP fails to break the USD 0.4950 resistance zone, it could continue to decline. The initial downside support is near the $0.4840 level.
The next major support is $0.4765. If there is a downside break and a close below the $0.4765 level, the price could accelerate lower. In the said case, the price could fall and retest the USD 0.4550 support in the near term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $0.4840 and $0.4765.
Major resistance levels – $0.4950 and $0.5000.