XRP price extended its decline below the $0.520 support. The price is currently in a range and watching an upside break above the resistance at $0.5320.
- XRP extended losses and fell below the $0.5120 support.
- The price is currently above $0.5250 and the 100-hour basic moving average.
- A key bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance at $0.5325 (data source from Kraken).
- The pair could gain bullish momentum if it breaks through the resistance zone at $0.5365.
The price of XRP remains stable
Over the last two sessions, the price of XRP has seen a steady decline below the $0.5320 level. There have been several swing movements such as Bitcoin and Ethereum. The price even rose below the support zone at $0.5120.
The lowest level was formed at USD 0.5028 and the price is currently correcting losses. There has been a move above the USD 0.5200 and USD 0.5250 resistance levels. The price rose above the 50% Fib retracement level in a move down from a high of $0.5477 to a low of $0.5028.
The price is back above $0.5250 and the 100-hour basic moving average. Immediate resistance is near the $0.5320 level. A key bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance at $0.5325.
The first key resistance is located near $0.5365 or the 76.4% Fib retracement level for a downward move from a high of $0.5477 to a low of $0.5028. A close above the resistance zone at $0.5365 could result in a price rally.
The next key resistance is around USD 0.5480. If bulls push the price above the $0.5480 resistance level, there could be a steady rally towards the $0.5570 resistance level. Any further upside could push the price towards the resistance at $0.5800.
Another decline?
If XRP fails to break through the resistance zone at $0.5320, another decline in this range could begin. Initial downside support is located near the $0.5250 level and the 100-hour SMA.
The next major support is located at $0.5140. If there is a breakout to the downside and a close below the $0.5140 level, the price could gain bearish momentum. In this case, the price may drop and retest the support at USD 0.5030 in the near future.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – USD 0.5250 and USD 0.5140.
Major resistance levels – USD 0.5320 and USD 0.5365.
