XRP price has started a modern decline from the resistance zone at $0.5320. It is currently testing support at $0.5180 and may even test the $0.5120 support zone.

• XRP failed near $0.5320 and began a downward correction.
• The price is currently below $0.5250 and the 100-hour elementary moving average.
• A connecting bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance near USD 0.5250 (data source from Kraken).
• The pair may decline further if it remains below the resistance zone at $0.5250.

XRP prices are falling again

XRP price extended its rally above the $0.5265 level, as did Bitcoin and Ethereum. Before the bears appeared, the price even rose above the USD 0.5300 level.

The highest level was formed at USD 0.5325 and the price began a downward correction. There was a move below the $0.5250 level. The stock was trading below the 50% Fib retracement level of the bullish wave from the low of $0.5080 to the high of $0.5325.

The price is currently below $0.5250 and the 100-hour elementary moving average. However, the bulls are dynamic near the 61.8% Fib retracement level of the bullish wave from the low of $0.5080 to the high of $0.5325.

On the other hand, the price faces resistance near the USD 0.5250 level. A converging bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance near $0.5250. The first key resistance is located near USD 0.5300. The next major resistance is near the $0.5320 level. A close above the resistance zone at $0.5320 could result in a price rally. The next key resistance is around USD 0.5450.

If there is a close above the $0.5450 resistance level, there could be a steady rally towards the $0.5520 resistance level. Any further upside could push the price towards the resistance at $0.5650.

More losses?

If XRP fails to break the resistance zone at $0.5250, it may continue to decline. Initial downside support is near the $0.5165 level.

The next major support is located at $0.5120. If there is a breakout to the downside and a close below the $0.5120 level, the price could accelerate lower. In this case, the price may drop and retest the support at USD 0.5020 in the near future.

Technical indicators

Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.

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

Major support levels – USD 0.5165 and USD 0.5120.

Major resistance levels – USD 0.5250 and USD 0.5320.