XRP price started a fresh decline from the USD 0.5320 resistance zone. It is now testing the USD 0.5180 support and could even test the USD 0.5120 support zone.
- XRP failed near USD 0.5320 and started a downward correction.
- The price is now trading below $0.5250 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $0.5250 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could fall further if it remains below the $0.5250 resistance zone.
XRP price drops again
The XRP price extended its rise above the $0.5265 level, like Bitcoin and Ethereum. The price even spiked above the USD 0.5300 level before the bears appeared.
A high was formed at $0.5325 and the price started a downward correction. There was a move below the USD 0.5250 level. It traded below the 50% Fib retracement level of the upward wave from the $0.5080 swing low to the $0.5325 high.
The price is now trading below $0.5250 and the 100-hourly Simple Moving Average. However, the bulls are active near the 61.8% Fib retracement level of the upwave from the $0.5080 swing low to the $0.5325 high.
On the upside, the price is facing resistance around the $0.5250 level. A connecting bearish trendline is also forming with resistance near $0.5250 on the hourly chart of the XRP/USD pair. The first major resistance is near $0.5300. The next major resistance is near the $0.5320 level. A close above the USD 0.5320 resistance zone could send the price higher. The next major resistance is near $0.5450.
If there is a close above the resistance level at $0.5450, there could be a steady rise towards the resistance at $0.5520. Any further gains could send the price towards the USD 0.5650 resistance.
Lose more?
If XRP fails to break the USD 0.5250 resistance zone, it could continue to decline. The initial downside support is near the $0.5165 level.
The next major support is $0.5120. If there is a downside break and a close below the USD 0.5120 level, the price could accelerate lower. In the mentioned case, the price could fall and retest the $0.5020 support in the short term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $0.5165 and $0.5120.
Major resistance levels – $0.5250 and $0.5320.