XRP price is struggling below the $0.4250 support zone. The price is consolidating losses and might struggle to get above the USD 0.450 resistance.
- The XRP price struggled to recover above $0.450 and started falling again.
- The price is now trading below $0.4250 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $0.420 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could recover, but upside could be limited above $0.4350 and $0.450.
XRP price is moving in the red zone
XRP price struggled to clear the USD 0.450 resistance and started a new decline, just like Bitcoin and Ethereum. The bears took control and pushed the price below the support at $0.4320.
The pair even fell heavily below the $0.4250 support level. There was a decline below the 50% Fib retracement level of the upward move from the $0.3826 swing low to the $0.4498 high. The bulls are now trying to protect the USD 0.4050 support zone.
It is now trading below $0.4250 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4160 level. The first major resistance is around the $0.420 level.
A connecting bearish trendline is also forming with resistance at $0.420 on the hourly chart of the XRP/USD pair. The next major resistance could be $0.4220. A clear move above the resistance at $0.4220 could send the price towards the resistance at $0.4380. The next major resistance is near the $0.450 level. Any further gains could send the price towards the USD 0.4650 resistance.
Lose more?
If XRP fails to break the USD 0.420 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.4050 level or the 61.8% Fib retracement level of the upward move from the $0.3826 swing low to the $0.4498 high.
The next major support is at $0.40. If there is a downside break and a close below the USD 0.40 level, the price could continue to decline towards USD 0.3750 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 – USD 0.4050 and USD 0.400.
Major resistance levels – $0.420 and $0.4380.
