XRP’s Bearish Trend: Understand It
XRP is battling the $0.4880 resistance. The price is trending downwards and the bears may target $0.4550.
XRP faced another rejection at $0.4880.
The price is trading below $0.4850 and the 100 hourly SMA.
On the hourly XRP/USD chart, a negative trend line is connected to the $0.4810 resistance.
If the pair closes below $0.4720, the decline may continue.
XRP Continues to Fall
XRP is trying to re-break above $0.4820. The bears are active near the $0.4880 resistance. Like Bitcoin and Ethereum, the price declined after peaking at $0.4884.
It fell below $0.4850 and $0.4800. There was a test of the $0.4720 support level. After the $0.4722 low, the price is consolidating losses. Below $0.4850 and the 100 hourly simple moving average.
If the price rises, it is likely to face resistance at $0.4765 or at the 23.6% Fibonacci retracement level of the decline from the $0.4884 high to $0.4722 low.
The first significant hurdle is $0.4810 – $0.4820. On the hourly XRP/USD chart, a negative trend line is connected to the $0.4810 resistance level. The trend line is located at the 50% Fibonacci retracement level of the decline from the $0.4884 high to $0.4722 low.
A clean break above $0.4820 may propel the market above $0.4880. The next significant resistance is near $0.50. A close above the $0.50 resistance level may boost the price. The next hurdle is $0.5120. More gains may push the price towards the $0.5250 barrier.
More losses?
If XRP fails to break above $0.4820, it may decline. An initial downside support is $0.4720.
The next important support is $0.4650. If the price breaks and closes below $0.4650, it may decline sharply. The price may fall below $0.450 in the short term.
Technical indicators
The hourly MACD for XRP/USD is showing a bearish trend.
The relative strength index hourly XRP/USD RSI is below 50.
Major Support Levels: $0.4720, $0.4650.
Major Resistance Levels: $0.4820, $0.4880.
