XRP price is struggling to break the USD 0.5120 resistance. The price could drop again in the short term if it remains below USD 0.5060 and USD 0.5120.
- XRP is struggling to pace a move above the USD 0.5120 level.
- The price is now trading below $0.5050 and the 100-hourly Simple Moving Average.
- A short-term descending channel is forming with resistance at $0.5040 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a decent climb if a close above the $0.5120 resistance.
XRP price remained stuck near $0.50
Yesterday we discussed how the XRP price started a recovery wave like Bitcoin and Ethereum. There was a move above the USD 0.4950 and USD 0.50 resistance levels.
The price even moved above USD 0.5100, but the bears were active near the USD 0.5120 resistance. A high was formed at $0.5120 and the price is now correcting gains. There was a move below the 50% Fib retracement level of the upward move from the $0.4865 swing low to the $0.5120 high.
The price is now trading below $0.5050 and the 100-hourly Simple Moving Average. However, the bulls are active above the 61.8% Fib retracement level of the upward move from the $0.4865 swing low to the $0.5120 high.
Immediate resistance is near the $0.5040 level and the 100-hourly Simple Moving Average. A short-term descending channel is also forming with resistance at $0.5040 on the hourly chart of the XRP/USD pair. The first major resistance is near $0.5060. A close above the USD 0.5060 resistance zone could send the price higher.
The next major resistance is near $0.5120. If the bulls continue to act above the $0.5120 resistance level, a rally towards the $0.5250 resistance could take place. Any further gains could send the price towards the USD 0.5350 resistance.
Lose more?
If XRP fails to break the USD 0.5040 resistance zone, it could continue to decline. The initial downside support is near the $0.4965 level. The next major support is $0.4925.
If there is a downside break and a close below the $0.4925 level, the price may accelerate lower. In the said case, the price could even fall below the USD 0.4865 support zone.
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 – $0.4965 and $0.4925.
Major resistance levels – $0.5040 and $0.5120.