XRP price is consolidating above the $0.50 support. The price could gain bearish momentum if there is a close below the $0.50 support.
- XRP is showing bearish signs below the $0.525 and $0.550 resistance levels.
- The price is now trading below $0.525 and the 100 simple moving average (4 hours).
- There is a connecting bearish trend line forming with resistance near $0.520 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair start a fresh increase if it clears the $0.520 and $0.525 resistance levels.
XRP Price Revisits Key Support
In the past few days, XRP price saw a fresh decline below the $0.550 support. The bears were able to push the price into a short-term bearish zone below $0.525, like Bitcoin and Ethereum.
The price even spiked below the $0.500 support. A low was formed near $0.4961, and the price is now consolidating losses. It is back above the $0.500 level and showing signs of a minor recovery wave. It is now trading below $0.525 and the 100 simple moving average (4 hours).
On the upside, immediate resistance is near the $0.520 zone. There is also a connecting bearish trend line forming with resistance near $0.520 on the 4-hour chart of the XRP/USD pair. The trend line is close to the 23.6% Fib retracement level of the downward wave from the $0.6240 swing high to the $0.4960 low.
The first key resistance is near $0.532, above which the price could rise toward the $0.560 resistance. It is close to the 50% Fib retracement level of the downward wave from the $0.6240 swing high to the $0.4960 low.
Source: XRPUSD on TradingView.com
A close above the $0.560 resistance zone could spark a strong increase. The next key resistance is near $0.594. If the bulls remain in action above the $0.594 resistance level, there could be a rally toward the $0.620 resistance. Any more gains might send the price toward the $0.650 resistance.
Another Drop?
If XRP fails to clear the $0.525 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.500 zone.
The next major support is at $0.495. If there is a downside break and a close below the $0.495 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.450 support zone.
Technical Indicators
4-Hours MACD β The MACD for XRP/USD is now losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) β The RSI for XRP/USD is now below the 50 level.
Major Support Levels β $0.500, $0.495, and $0.450.
Major Resistance Levels β $0.520, $0.525, and $0.560.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
