XRP price started a fresh decline from the $0.5050 resistance zone. The price could decline further if there is a close below the $0.4865 support.
XRP extended losses and traded below the $0.500 support.
The price is now trading below $0.4950 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could slide further toward the $0.4550 support in the near term.
XRP Price Dives Below $0.50
Recently, XRP price attempted a recovery wave above the $0.5050 level. However, the bears were active and the price started a fresh decline below the $0.500 support, like Ethereum and Bitcoin.
There was a move below the $0.4920 and $0.4880 levels. A low was formed at $0.4867 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the downward move from the $0.5085 swing high to the $0.4867 low.
The price is now trading below $0.4950 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.4980 level. There is also a key bearish trend line forming with resistance at $0.4980 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.5085 swing high to the $0.4867 low.
Source: XRPUSD on TradingView.com
The first key resistance is near $0.500. A close above the $0.500 resistance zone could spark a strong increase. The next key resistance is near $0.5085 and the 100-hourly Simple Moving Average. If the bulls remain in action above the $0.5085 resistance level, there could be a rally toward the $0.5250 resistance. Any more gains might send the price toward the $0.550 resistance.
More Losses?
If XRP fails to clear the $0.50 resistance zone, it could start another decline. Initial support on the downside is near the $0.4865 level.
The next major support is at $0.4780. If there is a downside break and a close below the $0.4780 level, the price might accelerate lower. In the stated case, the price could retest the $0.450 support 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 – $0.4865 and $0.4780.
Major Resistance Levels – $0.500 and $0.5085.
