XRP price falls below the $0.5350 support zone. It is currently testing key support at $0.5220 and remains at risk of further declines.
- XRP is trying to gain bullish momentum above the $0.5350 resistance zone.
- The price is currently below $0.530 and the 100-hour elementary moving average.
- A connecting bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance near USD 0.5265 (data source from Kraken).
- The pair could start a recent rally unless the bears push the price below $0.5220.
XRP price support
Over the last two sessions, XRP price has seen a bearish move below the $0.5320 zone, similar to Bitcoin and Ethereum. Before the bulls emerged, the price fell below the $0.5250 support zone.
The bottom was formed at USD 0.5212 and the price is currently consolidating losses. An attempt was made to recover above the 23.6% Fib retracement level in a move down from the high of $0.5405 to the low of $0.5212. However, bears are energetic near the USD 0.5300 zone.
A converging bearish trendline is also forming on the hourly chart of the XRP/USD pair with resistance near $0.5265. The price is currently below $0.530 and the 100-hour elementary moving average.
Immediate resistance is near the $0.5265 level. The first key resistance is located near $0.5320 or the 61.8% Fib retracement level in a move down from a high of $0.5405 to a low of $0.5212. A close above the resistance zone at $0.5320 could result in a price rally. The next key resistance is around USD 0.540.
If there is a close above the $0.540 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 $0.5320, it may continue to decline. Initial downside support is near the $0.5220 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 gain bearish momentum. 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 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 0.5220 and USD 0.5120.
Major resistance levels – USD 0.530 and USD 0.5320.
