XRP price failed to recover above the $0.5050 resistance zone. The price is now moving lower and could gain bearish momentum below the USD 0.480 support.
- XRP is gaining bearish momentum below the $0.500 support.
- The price is now trading below $0.500 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $0.4950 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could fall heavily if it breaks the $0.480 support zone.
Support for XRP price breaks
The XRP price attempted a recovery wave above $0.4920, just like Ethereum and Bitcoin. The price climbed above the USD 0.500 resistance zone, but the bears were active around USD 0.5050.
A high was formed at $0.5053 and the price is heading lower again. There was a move below the USD 0.4980 and USD 0.4950 support levels. The price traded below the 23.6% Fib retracement level of the recovery wave from the $0.4533 swing low to the $0.5053 high.
Moreover, there was a break below a connecting bullish trendline with support at $0.4950 on the hourly chart of the XRP/USD pair. The pair is now trading just above the 50% Fib retracement level of the recovery wave from the $0.4533 swing low to the $0.5053 high.
However, it is still trading below $0.50 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4920 level. The first major resistance is near $0.4950. The next major resistance is near the $0.500 level.
A close above the USD 0.500 resistance zone could send the price higher. The next major resistance is near $0.5050. If there is a close above the USD 0.5050 resistance level, there could be a steady rise towards the USD 0.5250 resistance. Any further gains could send the price towards the USD 0.5350 resistance.
Lose more?
If XRP fails to break the USD 0.4950 resistance zone, it could continue to decline. The initial downside support is near the USD 0.480 level.
The next major support is $0.4740. If there is a downside break and a close below the USD 0.4740 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 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 – USD 0.4800 and USD 0.4740.
Major resistance levels – $0.4950 and $0.5050.