XRP price struggled to recover above the $0.480 resistance zone. The price is heading lower again and could fall below the support at $0.4680.
- XRP price failed to extend gains above the USD 0.4800 resistance zone.
- The price is now trading below $0.4750 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $0.4720 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could face rejections again near USD 0.4720 and USD 0.480.
XRP price retreats
XRP price attempted a recovery wave above the USD 0.4720 level, just like Bitcoin and Ethereum. However, the bears were active near the $0.480 resistance zone. A high was reached at $0.4797 and the price started falling again.
There was a move below the USD 0.4750 and USD 0.4720 levels. The price fell below the 50% Fib retracement level of the upward move from the $0.4619 swing low to the $0.4797 high. There is also a major bearish trendline forming with resistance at $0.4720 on the hourly chart of the XRP/USD pair.
The price is now trading below $0.4750 and the 100-hourly Simple Moving Average. However, it finds bids near the 61.8% Fib retracement level of the upward move from the $0.4619 swing low to the $0.4797 high.
On the upside, the price is facing resistance near the $0.4720 level. The first major resistance is around the $0.4750 level. The main hurdle is still near USD 0.480.
A clear move above the USD 0.480 resistance could send the price towards the USD 0.4850 resistance. The next major resistance is near the $0.500 level. A close above the USD 0.500 resistance zone could send the price higher. The next major resistance is near $0.5120. Any further gains could send the price towards the USD 0.5250 resistance.
Lose more?
If XRP fails to break the USD 0.4720 resistance zone, it could continue to decline. The initial downside support is near the $0.4680 level.
The next major support is $0.4620. If there is a downside break and a close below the USD 0.4620 level, the price could continue to decline. In the mentioned case, the price could even trade below the $0.4320 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 – $0.4680 and $0.4620.
Major resistance levels – $0.4720 and $0.4800.
