XRP price extended losses below the $0.5220 support zone. It tested the support at $0.5120 and has now attempted another wave of recovery towards $0.550.

• XRP is struggling to start a modern rally above the $0.5320 resistance zone.
• The price is currently below $0.530 and the 100-hour uncomplicated moving average.
• A major bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance near USD 0.5230 (data source from Kraken).
• The pair may continue to decline if the price remains below $0.5320.

Further declines in XRP prices

XRP price remained in a short-term bear zone like Bitcoin and Ethereum. The bears managed to push the price below the key support at $0.5220. Finally, the price tested the support zone at $0.5120.

The lowest level was formed at USD 0.5126 and the price is currently experiencing a modern wave of recovery. There was a move above the $0.5165 level. The price rose above the 23.6% Fib retracement level of the bearish wave from a high of $0.5406 to a low of $0.5126.

However, the price still remains below $0.530 and the 100-hour uncomplicated moving average. On the other hand, the price is facing resistance near the USD 0.5220 level. A major bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance near $0.5230.

The first key resistance is located near $0.5265 or the 50% Fib retracement level of the downward wave from the high of $0.5406 to the low of $0.5126. A close above the resistance zone at $0.5265 could result in a price rally. The next key resistance is near $0.5320.

If there is a close above the $0.5320 resistance level, there could be a steady rally towards the $0.5450 resistance level. Any further upside could push the price towards the resistance at $0.5650.

More flaws?

If XRP fails to break the resistance zone at $0.5220, it may continue to decline. Initial downside support is near the $0.5150 level.

The next major support is located at $0.5120. If there is a breakout to the downside and a close below the $0.5120 level, the price could accelerate lower. In this case, the price may drop and retest the $0.50 support level in the near future.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.

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

Major support levels – USD 0.5120 and USD 0.500.

Major resistance levels – USD 0.5220 and USD 0.5320.