XRP price is consolidating losses above the $0.500 support level. The price could extend losses if it fails to recover above the $0.530 resistance area.
- XRP extended its losses and traded below the $0.530 support level.
- The price is now trading below $0.5250 and the 100 hourly simple moving average.
- There was a break above the downtrend line connected with resistance at $0.5150 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if the bulls push the price above $0.530.
XRP price is stable above $0.50
Recently, XRP price extended its losses and traded below the $0.5250 support level, like Bitcoin and Ethereum. There was a move towards the $0.5080 support level. The bottom was formed at $0.5087 and the price is now consolidating losses.
There was a slight increase above the $0.5120 resistance level. Moreover, there was a break above the downtrend line connected with resistance at $0.5150 on the hourly chart of the XRP/USD pair. However, the pair is still trading below $0.5250 and the 100 hourly simple moving average.
Immediate resistance is located near the $0.5250 level. It is close to the 23.6% Fibonacci retracement level of the downward move from the high of $0.5699 to the low of $0.5087. The first major resistance is near $0.530 and the 100 hourly simple moving average.
source: XRPUSD on TradingView.com
A close above the $0.530 resistance area could lead to a strong rally. The next major resistance is near $0.5465. If the bulls keep moving above the $0.5465 resistance level, there could be a rally towards the $0.580 resistance level. Any further gains may push the price towards the $0.600 resistance level.
More losses?
If XRP fails to cross the $0.530 resistance area, it could start another decline. Initial support on the downside is near the $0.5150 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 could retest the $0.4840 support area.
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 – $0.5150 and $0.5080.
Key resistance levels – $0.5250 and $0.530.
