XRP price extended its losses below the $0.5120 support area. It has tested the $0.5080 area and is now trying another recovery wave towards $0.5350.
- XRP is struggling to start a new increase above the $0.5250 resistance area.
- The price is now trading below $0.5150 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue moving down if the price remains below $0.5250.
XRP price increases losses
The price of XRP has remained in a short-term bearish zone like Bitcoin and Ethereum. The price struggled to start a recovery wave and extended losses below the $0.5220 support area.
It even fell below the $0.5120 support level. The bottom was formed at $0.5080 and the price is now trying a new recovery wave. There was a move above the $0.5120 level. The price rose above the 23.6% Fibonacci retracement level of the downward wave from the high of $0.5405 to the low of $0.5080.
However, the price is still trading below $0.520 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $0.5180 level. There is also a major bearish trend line forming with resistance near $0.5180 on the hourly chart of the XRP/USD pair.
The first major resistance is near $0.5250 or 50% Fib retracement level of the downward wave from the high of $0.5405 to the low of $0.5080. A close above the $0.5250 resistance area could send the price higher. The next major resistance is near $0.5320.
If there is a close above the $0.5320 resistance level, then there could be a steady increase towards the $0.5450 resistance level. Any further gains may push the price towards the $0.5650 resistance level.
More negatives?
If XRP fails to cross the $0.5180 resistance area, it may continue to move lower. Initial support on the downside is near the $0.5120 level.
The next major support is at $0.5080. If there is a downside breakout and close below $0.5080, the price may accelerate downwards. In the mentioned case, the price may decline and retest the $0.50 support in the near term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.5120 and $0.5080.
Key resistance levels – $0.5180 and $0.5250.