The XRP price is trying to rise again from $0.4730 against the US dollar. The price could rise to $0.5320 if there is no break below $0.4880.
XRP is struggling to clear the $0.5065 resistance against the US dollar.
The price is currently trading below $0.500 and the 100 simple moving average (4 hours).
On the 4-hour chart, XRP/USD broke above a major bearish trend line with resistance near $0.4915 (data source from Kraken).
The pair may continue moving down if it breaks the $0.4880 support zone.
XRP price is seeing a recovery.
After a steady decline, XRP found support near the $0.4730 zone. The price began a wave of recovery above the $0.480 level, like Bitcoin and Ethereum.
There was a move above the resistance at $0.4880. Bulls pushed it above the 23.6% Fibonacci retracement level of the primary decline from the $0.5510 swing high to $0.4730 low.
Additionally, the 4-hour chart of the XRP/USD pair saw a breakout of the major bearish trend line with resistance near $0.4915.
However, bears remained active above the $0.500 resistance zone. The price is currently trading below $0.500 and the 100 simple moving average (4 hours).
On the other hand, the nearest resistance is near the $0.500 level. The first major resistance is near the $0.5065 level and the 100 simple moving average (4 hours) or the 50% Fibonacci retracement level of the major decline from the $0.5510 swing high to $0.4730 low.
A close above $0.5065 could send the price towards the $0.521 resistance.
A successful break of the $0.521 resistance could begin a strong rally towards the $0.550 resistance. Further gains could take XRP closer to the $0.585 resistance.
More losses?
If XRP fails to break through the $0.5065 resistance zone, it may continue to move lower. Initial downside support lies near the $0.488 zone. The next major support is at $0.4730. If there is a downside breakout and close below $0.4730, XRP price could accelerate downward. In this case, the price may retest the $0.4320 support zone.
Technical indicators:
4-Hour MACD: The MACD for XRP/USD is now losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index): The RSI for XRP/USD is now above the 50 level.
Major support levels: $0.488, $0.473 and $0.432.
Major resistance levels: $0.5065, $0.5210 and $0.550.
