XRP's Bearish Trend: Understanding It
XRP fought over $0.4880 resistance. The price is falling and bears may target $0.4550.
Another rejection occurred at $0.4880 for XRP.
The price is below $0.4850 and the 100-hour SMA.
On the hourly XRP/USD chart, a negative trend line connects to $0.4810 resistance.
If the pair closes below $0.4720, losses may continue.
Losses Continue for XRP
XRP tried to regain over $0.4820. Bears were busy near $0.4880 resistance. Like Bitcoin and Ethereum, the price peaked at $0.4884 and then fell.
It fell below $0.4850 and $0.4800. Tests of $0.4720 support occurred. After a low of $0.4722, the price is consolidating losses. Under $0.4850 and the 100-hourly Simple Moving Average.
If prices rise, they may encounter resistance at $0.4765 or the 23.6% Fib retracement level of the decline from the $0.4884 swing high to the $0.4722 low.
The first big barrier is $0.4810–$0.4820. On the hourly XRP/USD chart, a negative trend line connects to resistance at $0.4810. The trend line is at the 50% Fib retracement level of the $0.4884 swing high to $0.4722 low decline.
A clean break over $0.4820 might push the market above $0.4880. Near $0.50 is the next significant resistance. A closing above $0.50 resistance might boost prices. The next hurdle is $0.5120. More advances might push price toward $0.5250 barrier.
More Losses?
XRP may fall if it fails to break $0.4820. Initial downside support is $0.4720.
The next significant support is $0.4650. If the price breaks down and closes below $0.4650, it may fall significantly. The price might go below $0.450 in the short term.
Tech Indicators
The hourly MACD for XRP/USD is moving bearishly.
Relative Strength Index hourly XRP/USD RSI is below 50.
Major Support Levels: $0.4720, $0.4650.
Major resistance levels: $0.4820, $0.4880.
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