XRP price extended losses below the $0.5120 support zone. It tested the $0.5080 zone and is now attempting a new recovery wave towards $0.5350.
- XRP is struggling to start a fresh rise above the USD 0.5250 resistance zone.
- The price is now trading below $0.5150 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could continue to decline if the price remains below $0.5250.
XRP Price Extends Losses
XRP price remained in a short-term bearish zone like Bitcoin and Ethereum. The price struggled to initiate a recovery wave and extended losses below the $0.5220 support zone.
It even fell below the $0.5120 support. A low was formed at $0.5080 and the price is now trying to make a new recovery wave. There was a move above the USD 0.5120 level. The price climbed above the 23.6% Fib retracement level of the downwave from the $0.5405 swing high to the $0.5080 low.
However, the price is still trading below $0.520 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.5180 level. There is also a major bearish trendline forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair.
The first major resistance is near $0.5250 or the 50% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5080 low. A close above the USD 0.5250 resistance zone could send the price higher. The next major resistance is near $0.5320.
If there is a close above the resistance level at $0.5320, there could be a steady rise towards the resistance at $0.5450. Any further gains could send the price towards the USD 0.5650 resistance.
More disadvantages?
If XRP fails to break the USD 0.5180 resistance zone, it could continue to decline. The initial downside support is near the $0.5120 level.
The next major support is at $0.5080. If there is a downside break and a close below the USD 0.5080 level, the price may accelerate lower. In the mentioned 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 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 – $0.5120 and $0.5080.
Major resistance levels – $0.5180 and $0.5250.