XRP price is moving lower below the $0.5350 support zone. It is now testing the key support at $0.5220 and remains at risk of more downside.
- XRP is struggling to gain bullish momentum above the USD 0.5350 resistance zone.
- The price is now trading below $0.530 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $0.5265 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a new rise unless the bears push the price below $0.5220.
Support for XRP price revisions
In the past two sessions, XRP price saw a bearish move below the $0.5320 zone, just like Bitcoin and Ethereum. The price fell below the USD 0.5250 support zone before the bulls emerged.
A low was formed at $0.5212 and the price is now consolidating losses. It attempted a recovery above the 23.6% Fib retracement level of the downward move from the $0.5405 swing high to the $0.5212 low. However, the bears are active near the $0.5300 zone.
A connecting bearish trendline is also forming with resistance near $0.5265 on the hourly chart of the XRP/USD pair. The price is now trading below $0.530 and the 100-hourly Simple Moving Average.
The immediate resistance is near the $0.5265 level. The first major resistance is near $0.5320 or the 61.8% Fib retracement level of the downward move from the $0.5405 swing high to the $0.5212 low. A close above the USD 0.5320 resistance zone could send the price higher. The next major resistance is near USD 0.540.
If there is a close above the USD 0.540 resistance level, there could be a steady rise towards the USD 0.5450 resistance. Any further gains could send the price towards the USD 0.5650 resistance.
More disadvantages?
If XRP fails to break the USD 0.5320 resistance zone, it could continue to decline. The initial downside support is near the $0.5220 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 may gain bearish momentum. In the said case, the price could fall and retest the $0.50 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 – $0.5220 and $0.5120.
Major resistance levels – $0.530 and $0.5320.