The XRP price began another decline after failing to break above the resistance at $0.530. The price is back below $0.5150 and is showing some bearish signs.

• XRP struggled near $0.5300 and began a modern decline.
• The price is currently below $0.5150 and the 100-hour uncomplicated moving average.
• On the hourly chart, the XRP/USD pair broke out below the key contracting triangle with support at $0.520 (data source Kraken).
• The pair may gain bearish momentum if it closes below $0.500.

XRP price turns red

After steadily rising, the price of XRP has encountered resistance near the $0.530 zone. The high formed at $0.5293 and the price began a downward correction, similar to Bitcoin and Ethereum. The price fell below the level of USD 0.5220.

There was a move below the 50% Fib retracement level of the bullish wave from the low of $0.4967 to the high of $0.5293. Additionally, there was a break below the key descending triangle with support at $0.520 on the hourly chart of the XRP/USD pair.

The price is currently below $0.5150 and the 100-hour uncomplicated moving average. Immediate resistance is near the $0.5150 level. The first key resistance is located near USD 0.520.

A close above the resistance zone at $0.520 could result in a price rally. The next key resistance is around USD 0.5220. If bulls push the price above the $0.5280 resistance level, there could be a fresh move towards the $0.5350 resistance. Any further increases could push the price towards the resistance at $0.550.

More losses?

If XRP fails to break the resistance zone at $0.5150, it may continue to decline. Initial downside support is located near the $0.5045 level or the 76.4% Fib retracement level of the rising wave from the low at $0.4967 to the high at $0.5293. The next major support is at $0.500.

Major support is currently located near $0.4965. If there is a breakout to the downside and a close below the $0.4965 level, the price could accelerate lower. In this case, the price may drop and test the support at USD 0.4840 in the near future.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently gaining momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.

Major support levels – USD 0.5040 and USD 0.5000.

Major resistance levels – USD 0.5150 and USD 0.5200.