XRP price extended its decline below the $0.520 support. The price is now trading within a range and looking for an upside break above the resistance at $0.5320.
- XRP extended losses and fell below the $0.5120 support.
- The price is now trading above USD 0.5250 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $0.5325 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could gain bullish momentum if it breaks the $0.5365 resistance zone.
XRP price holds steady
In the past two sessions, XRP price saw a steady decline below the USD 0.5320 level. There were a few swing moves like Bitcoin and Ethereum. The price even spiked below the $0.5120 support zone.
A low was formed at $0.5028 and the price is now correcting losses. There was a move above the USD 0.5200 and USD 0.5250 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.5477 swing high to the $0.5028 low.
The price is back above $0.5250 and the 100-hour Simple Moving Average. The immediate resistance is near the $0.5320 level. There is also a major bearish trendline forming with resistance at $0.5325 on the hourly chart of the XRP/USD pair.
The first major resistance is near $0.5365 or the 76.4% Fib retracement level of the downward move from the $0.5477 swing high to the $0.5028 low. A close above the resistance zone at $0.5365 could send the price higher.
The next major resistance is near $0.5480. If the bulls push the price above the USD 0.5480 resistance level, there could be a steady rise towards the USD 0.5570 resistance. Any further gains could send the price towards the USD 0.5800 resistance.
Another drop?
If XRP fails to break the USD 0.5320 resistance zone, it could trigger a fresh decline within the range. Initial downside support is near the $0.5250 level and the hourly 100-SMA.
The next major support is $0.5140. If there is a downside break and a close below the USD 0.5140 level, the price may gain bearish momentum. In the mentioned case, the price could fall and retest the $0.5030 support in the short term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.5250 and $0.5140.
Major resistance levels – $0.5320 and $0.5365.