XRP price managed to stay above the $0.5000 level. The price is rebounding and must clear the $0.5480 resistance level to start a decent increase.
- XRP price is struggling to gain pace for a move above the $0.5350 zone.
- The price is now trading below $0.5320 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could decline again if it fails to clear $0.5320 and $0.5480.
XRP Price Faces Resistance
XRP price extended losses below $0.5350 like Bitcoin and Ethereum. There was a fresh decline, and the price retested the $0.5020 support zone. A low was formed at $0.5021 and the price is now attempting a recovery wave.
There was a minor increase above the $0.520 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $0.5626 swing high to the $0.5021 low. There was a break above a key bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair.
However, the bears seem to be active near the $0.5320 and $0.5350 levels. The price is now trading below $0.5350 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5320 level.
The first major resistance is near the $0.5480 level or the 76.4% Fib retracement level of the downward move from the $0.5626 swing high to the $0.5021 low. The next key resistance could be $0.5550. A clear move above the $0.5550 resistance might send the price toward the $0.5620 resistance.
The next major resistance is near the $0.5750 level. Any more gains might send the price toward the $0.5880 resistance or even $0.600 in the near term.
Another Decline?
If XRP fails to clear the $0.5320 resistance zone, it could start another decline. Initial support on the downside is near the $0.5220 level. The next major support is $0.5200.
If there is a downside break and a close below the $0.5200 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits at $0.5020.
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 above the 50 level.
Major Support Levels – $0.5200 and $0.5120.
Major Resistance Levels – $0.5320 and $0.5480.
Credit: Source link
