XRP price once again struggled to hold higher above the USD 0.5450 resistance. It is now moving lower and could test the USD 0.512 support zone.
- XRP is showing some bearish signs from the $0.5420 zone.
- The price is now trading below $0.5350 and the 100-hourly Simple Moving Average.
- There was a break below a key contracting triangle with support at $0.5360 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bearish momentum if it remains below the $0.5420 resistance zone.
XRP price is rejected
After closing above the $0.5320 level, XRP price extended its rise, just like Bitcoin and Ethereum. However, the bears were active near the USD 0.5420 resistance zone.
A high was formed at $0.5422 and the price started a downward correction. There was a move below the $0.5320 support zone and the 23.6% Fib retracement level of the upward move from the $0.5028 swing low to the $0.5422 high.
Additionally, there was a break below a key contracting triangle with support at $0.5360 on the hourly chart of the XRP/USD pair. The pair is now trading below $0.5350 and the 100-hourly Simple Moving Average.
The immediate resistance is near the $0.5320 level. The first major resistance is near $0.5420. A close above the USD 0.5420 resistance zone could send the price higher. The next major resistance is near $0.5450. If the bulls push the price above the USD 0.5450 resistance level, there could be a steady rise towards the USD 0.5550 resistance. Any further gains could send the price towards the resistance at USD 0.5740.
Lose more?
If XRP fails to break the USD 0.5420 resistance zone, it could trigger a fresh decline within the range. Initial downside support is near the $0.5225 level and the 50% Fib retracement level of the upward move from the $0.5028 swing low to the $0.5422 high.
The next major support is $0.5120. If there is a downside break and a close below the USD 0.5120 level, the price may gain bearish momentum. In the said case, the price could fall and retest the $0.5025 support in the short 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 – $0.5225 and $0.5120.
Major resistance levels – $0.5320 and $0.5420.