XRP price is attempting a recovery wave from the $0.5120 zone. The price must clear the $0.5400 and $0.5500 resistance levels to gain pace.
- XRP price is correcting losses from the $0.5120 zone.
- The price is now trading below $0.5380 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5360 resistance zone.
XRP Price Faces Many Hurdles
XRP price remained in a bearish zone and extended losses below $0.5300, like Bitcoin and Ethereum. There was a move below the $0.5280 and $0.5250 levels.
The price even dipped below $0.5200 and tested $0.5120. A low was at $0.5117 and the price is now attempting to recover losses. There was a move above the 23.6% Fib retracement level of the downward wave from the $0.5600 swing high to the $0.5120 low.
There was a break above a short-term bearish trend line with resistance at $0.5280 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5380 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $0.5360 level. The first major resistance is near the $0.5360 level or the 50% Fib retracement level of the downward wave from the $0.5600 swing high to the $0.5120 low. The next key resistance could be $0.5485.
A clear move above the $0.5485 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5550 resistance or even $0.5620 in the near term. The next major hurdle might be $0.5650.
Another Drop?
If XRP fails to clear the $0.5360 resistance zone, it could start another decline. Initial support on the downside is near the $0.5230 level. The next major support is near the $0.5185 level.
If there is a downside break and a close below the $0.5185 level, the price might continue to decline toward the $0.5120 support in the near term. The next major support sits near the $0.500 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level.
Major Support Levels – $0.5230 and $0.5185.
Major Resistance Levels – $0.5360 and $0.5485.
Source: NewsBTC.com
