XRP Drops: Another Setback or Buy?
XRP fought again to get beyond $0.5450. It is falling and may test $0.512.
Bearish signals are emerging from $0.5420 for XRP.
Under $0.5350 and the 100-hourly Simple Moving Average
XRP/USD broke below a significant contracting triangle with support around $0.5360 on the hourly chart.
Staying below $0.5420 barrier might boost negative momentum.
Rejecting XRP Price
After closing over $0.5320, XRP price rose like Bitcoin and Ethereum. Bears were aggressive at $0.5420 resistance.
A negative correction began after $0.5422's peak. Below the $0.5320 support zone and 23.6% Fib retracement line of the bullish advance from $0.5028 swing low to $0.5422 high.
Additionally, the hourly XRP/USD chart broke below a crucial contracting triangle with support at $0.5360. The pair has fallen below $0.5350 and the 100-hour SMA.
Resistance at $0.5320 is immediate. Around $0.5420 is the first resistance. Moving over the $0.5420 barrier zone might boost prices. Around $0.5450 is the next resistance. Bulls might push the price over $0.5450 barrier and steadily rise above $0.5550. More advances might push price toward $0.5740 barrier.
More Losses?
Failure to break the $0.5420 resistance zone might cause another range slide for XRP. Initial downside support is approaching $0.5225 and the 50% Fib retracement level of the bullish advance from $0.5028 swing low to $0.5422 high.
The next significant support is $0.5120. A negative break and closure below $0.5120 might boost bearish momentum. The price may fall and retest $0.5025 soon.
Tech Indicators
The hourly MACD for XRP/USD is moving bearishly.
Relative Strength Index hourly XRP/USD RSI is below 50.
Key Support Levels: $0.5225, $0.5120.
Major Resistance: $0.5320, $0.5420.
