XRP price is moving lower below the $0.5500 level. The bears might gain strength if there is a close below the $0.5200 support zone.
- XRP price is correcting gains below the $0.5500 zone.
- The price is now trading below $0.5450 and the 100-hourly Simple Moving Average.
- There is a new connecting bearish trend line forming with resistance at $0.5365 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bearish momentum if it declines below the $0.5200 support zone.
XRP Price Dips Further
XRP price struggled to extend gains above the $0.5600 level and started a downside correction, like Bitcoin and Ethereum. There was a move below the $0.5550 and $0.5500 levels.
The price even dipped below $0.5320 and tested $0.5290. A low was at $0.5292 and the price is now consolidating losses and trading below the 23.6% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5292 low.
The price is now trading below $0.5450 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5365 level. There is also a new connecting bearish trend line forming with resistance at $0.5365 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $0.5440 level. It is close to the 50% Fib retracement level of the downward move from the $0.5600 swing high to the $0.5292 low.
The next key resistance could be $0.5520. A clear move above the $0.5520 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5600 resistance or even $0.5650 in the near term. The next major hurdle might be $0.5800.
More Losses?
If XRP fails to clear the $0.5365 resistance zone, it could start another decline. Initial support on the downside is near the $0.5280 level. The next major support is near the $0.5220 level.
If there is a downside break and a close below the $0.5220 level, the price might continue to decline toward the $0.5050 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 gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5280 and $0.5220.
Major Resistance Levels – $0.5365 and $0.5520.
Source: NewsBTC.com
