XRP Drop: Another Setback or Buy?
XRP continued to struggle to break out of $0.5450. It is falling and could test $0.512.
Bearish signals are emerging from $0.5420 for XRP.
Below $0.5350 and the 100 hourly simple moving average
XRP/USD has broken below a significant contracting triangle with support around $0.5360 on the hourly chart.
Remaining below the $0.5420 barrier could increase the negative momentum.
Reject the XRP price
After closing above $0.5320, XRP price rose like Bitcoin and Ethereum. Bears were aggressive at the $0.5420 resistance.
After the peak of $0.5422, a negative correction began. Below the $0.5320 support zone and the 23.6% Fib retracement line the bullish advance from $0.5028 swings from the low to the high of $0.5422.
Additionally, the hourly XRP/USD chart has broken below a crucial contracting triangle with support at $0.5360. The pair fell below $0.5350 and the 100-hour SMA.
Resistance at $0.5320 is immediate. Around $0.5420 there is the first resistance. Breaking above the $0.5420 barrier zone could boost prices. Around $0.5450 is the next resistance. The bulls could push the price above the $0.5450 barrier and rise steadily above $0.5550. Further advances could push the price towards the $0.5740 barrier.
More losses?
Failure to break the $0.5420 resistance zone could cause another range drop for XRP. Initial downside support is approaching $0.5225 and the 50% Fib retracement level of the bullish advance from $0.5028 to the low at $0.5422.
The next significant support is $0.5120. A negative breakout and close below $0.5120 could increase the bearish momentum. The price may drop and test $0.5025 again soon.
Technological indicators
The hourly MACD for XRP/USD is moving lower.