The XRP price extended losses and traded below the $0.50 zone. The price tested the USD 0.4700 zone and is currently attempting a short-term recovery wave.
- XRP is slowly moving higher from the $0.470 support.
- The price is now trading below $0.4850 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $0.480 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 $0.4880.
XRP price finds support
XRP price did not recover above the resistance at $0.4880 like Ethereum and Bitcoin. The price extended losses below the USD 0.480 level. It even tested the $0.470 zone. A low was formed at $0.4701 and the price is now looking at a short-term recovery wave.
There was a move above the USD 0.4750 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.5053 swing high to the $0.4701 low.
Additionally, there was a break above a connecting bearish trendline with resistance at $0.480 on the hourly chart of the XRP/USD pair. However, it is still trading below $0.4850 and the 100-hourly Simple Moving Average.
On the upside, the price is facing resistance near the $0.4850 level. The first major resistance is near $0.4880 or the 50% Fib retracement level of the downward move from the $0.5053 swing high to the $0.4701 low. The next major resistance is near the $0.4920 level.
A close above the USD 0.4920 resistance zone could send the price higher. The next major resistance is near USD 0.50. If there is a close above the USD 0.50 resistance level, there could be a steady rise towards the USD 0.5050 resistance. Any further gains could send the price towards the USD 0.5250 resistance.
Lose more?
If XRP fails to break the USD 0.4850 resistance zone, it could continue to decline. The initial downside support is near the $0.4750 level.
The next major support is at USD 0.470. If there is a downside break and a close below the USD 0.470 level, the price could accelerate lower. In the said case, the price could decline and retest the USD 0.4550 support in the near 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 – USD 0.4750 and USD 0.4700.
Major resistance levels – $0.4850 and $0.4920.