The XRP price managed to stay above the $0.5000 level. The price is recovering and needs to overcome the USD 0.5480 resistance level to start a decent rise.
- XRP price is struggling to gain pace for a move above the $0.5350 zone.
- The price is now trading below $0.5320 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $0.5280 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could fall again if it fails to clear $0.5320 and $0.5480.
XRP price faces resistance
XRP price extended losses below $0.5350, like Bitcoin and Ethereum. There was a fresh decline and the price tested the $0.5020 support zone again. A low was formed at $0.5021 and the price is now trying to make a recovery wave.
There was a small increase above the USD 0.520 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $0.5626 swing high to the $0.5021 low. There was a break above a key bearish trendline with resistance at $0.5280 on the hourly chart of the XRP/USD pair.
However, the bears seem to be active around the USD 0.5320 and USD 0.5350 levels. The price is now trading below $0.5350 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 0.5320 level.
The first major resistance is near the $0.5480 level or the 76.4% Fib retracement level of the downward move from the $0.5626 swing high to the $0.5021 low. The next major resistance could be at USD 0.5550. A clear move above the USD 0.5550 resistance could send the price towards the USD 0.5620 resistance.
The next major resistance is near the $0.5750 level. Any further gains could send the price towards the resistance at $0.5880 or even $0.600 in the near term.
Another drop?
If XRP fails to break the USD 0.5320 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.5220 level. The next major support is at USD 0.5200.
If there is a downside break and a close below the USD 0.5200 level, the price could continue falling towards USD 0.5120 in the near term. The next major support is at $0.5020.
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 above the 50 level.
Major support levels – USD 0.5200 and USD 0.5120.
Major resistance levels – $0.5320 and $0.5480.
