XRP price extended losses and tested the $0.5240 support level. The price is now consolidating and might struggle to start a fresh increase.
XRP price declined further below the $0.5850 zone.
The price is now trading below $0.580 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could struggle to recover above the $0.5950 and $0.600 resistance levels.
XRP Price Dips 5%
XRP price extended its decline below the $0.600 level, underperforming Bitcoin and Ethereum. The price even declined heavily below the $0.5550 support zone.
A low was formed at $0.5231 and the price is now consolidating losses. There was a minor move above the $0.5350 level. The price is still well below the 23.6% Fib retracement level of the downward move from the $0.6642 swing high to the $0.5231 low.
The price is now trading above $0.5550 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5565 level. The first major resistance is near the $0.5950 level.
There is also a key bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.6642 swing high to the $0.5231 low. The next key resistance could be $0.600. A clear move above the $0.600 resistance might send the price toward the $0.6120 resistance. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
More Losses?
If XRP fails to clear the $0.5565 resistance zone, it could continue to move down. Initial support on the downside is near the $0.530 level. The next major support is near the $0.5240 level.
If there is a downside break and a close below the $0.5240 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.500 pivot zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5240 and $0.5050.
Major Resistance Levels – $0.5565 and $0.5950.
Source: NewsBTC.com
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