XRP price is still trading in the range below $0.550. The price is slowly declining and there could be more downsides below $0.520.
XRP price remains stuck in a range above the $0.5080 support.
The price is currently trading below $0.5300 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $0.5285 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5300 and $0.5320 resistance levels.
XRP Price Drops Further
XRP price failed to start a rebound above the $0.5350 resistance level. It started a further decline and traded below the $0.5250 support level.
However, losses were limited compared to Bitcoin and Ethereum. A low was formed at $0.5210 and the price is currently consolidating losses. There was a small increase in the range and the price rose above the $0.5250 resistance.
The price broke the 23.6% Fib retracement level of the decline from the $0.5354 high to $0.5210 low. The price is now trading below $0.5320 and the 100 hourly simple moving average.
If there is another upside move, the price could face resistance near the $0.5300 level. There is also a connecting bearish trend line forming with resistance at $0.5285 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the decline from the $0.5354 high to $0.5210 low.
The first major resistance level is near $0.5350. The next major resistance level could be at $0.5450. A clear move above the $0.5450 resistance level could take the price towards the $0.5500 resistance level. Any further gains could take the price towards the $0.5650 resistance level or even $0.580 in the near term. The next major hurdle could be at $0.600.
Any more losses?
If XRP fails to clear the $0.5350 resistance zone, it could start another decline. The initial support on the downside is near the $0.5220 level. The next major support is near the $0.520 level.
If there is a break below the $0.520 downtrend and close, the price could continue to decline towards the $0.5150 support in the near term. The next major support level is near the $0.5080 zone.
Technical indicators
Hourly MACD â The MACD for XRP/USD is currently slowing down in the bearish zone.
Hourly RSI (Relative Strength Index) â The RSI for XRP/USD is currently below the 50 level.
Major support levels â $0.5220 and $0.5200.
Major resistance levels â $0.5350 and $0.5450.
