XRP price is struggling to stay below the $0.4250 support area. The price is trying to consolidate its losses and may struggle to recover above the $0.450 resistance level.
- XRP price struggled to recover above the $0.450 level and started another decline.
- The price is now trading below the 0.4250 level and the 100-hour simple moving average.
- There is a connected bearish trend line forming with resistance at $0.420 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may recover, but the upside may be limited above $0.4350 and $0.450.
XRP price is moving in the red zone
XRP price struggled to break the $0.450 resistance level and started to decline again, like Bitcoin and Ethereum. Bears took control of the market and pushed the price below the $0.4320 support level.
The pair fell sharply below the $0.4250 support level. There was a decline below the 50% Fibonacci retracement level of the upward move from the $0.3826 swing low to $0.4498 high. The bulls are now trying to protect the $0.4050 support area.
It is currently trading below the $0.4250 level and the 100-hour simple moving average. On the upside, the price is facing resistance near the $0.4160 level. The first major resistance is near the $0.420 level.
There is also a connected bearish trend line forming with resistance at $0.420 on the hourly chart of the XRP/USD pair. The next major resistance could be at $0.4220. A clear move above the $0.4220 resistance could send the price towards the $0.4380 resistance. The next major resistance is near the $0.450 level. Any further gains could send the price towards the $0.4650 resistance.
More losses?
If XRP fails to clear the $0.420 resistance area, it could start declining again. The initial support on the downside is near the $0.4050 level or the 61.8% Fib retracement level of the upward move from the $0.3826 swing low to $0.4498 swing high.
The next major support is at $0.40. If there is a bearish break and the price closes below $0.40, the price could continue to decline towards the $0.3750 support level in the near term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.4050 and $0.400.
Key resistance levels – $0.420 and $0.4380.
