XRP price consolidates below $0.530, will it trigger more losses?

XRP price is consolidating losses above the $0.500 support. If it fails to recover above the $0.530 resistance area, the price could extend losses.

XRP extended losses and traded below the $0.530 support. The price is now trading below $0.5250 and the 100 hourly simple moving average.

There was a break above a connecting bearish trend line with resistance at $0.5150 on the hourly chart of the XRP/USD pair. If the bulls push the price above $0.530, the pair is likely to start another upward move.

An immediate resistance is near the $0.5250 level. It is close to the 0.5087% Fib retracement level of the downward move from the $23.6 swing high to $0.5699 low. The first key resistance is near the $0.530 level and the 100 hourly simple moving average.

A close above the $0.530 resistance zone is likely to spark a strong up move. The next key resistance is near the $0.5465 level. If the bulls continue to act above the $0.5465 resistance level, a rally to the $0.580 resistance level is likely. Any further gains could sink the price to the $0.600 resistance level.

If XRP fails to clear the $0.530 resistance zone, it is likely to start another decline. An initial support on the downside is near the $0.5150 level.

The next major support is at $0.5080. If there is a downside break and close below $0.5080, the price is likely to accelerate lower. In the mentioned case, the price is likely to retest the $0.4840 support area.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.5150 and $0.5080.

Major Resistance Levels – $0.5250 and $0.530.

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