The price of XRP dropped, but bulls were busy near the $0.4700 support. The price has regained the 100-hour SMA and may continue to rise if it breaks above $0.4950.

• The XRP price found support at $0.4700 and began a wave of recovery.
• The price is currently above $0.4800 and the 100-hour elementary moving average.
• There was a break below the main uptrend line with support at $0.4915 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair may continue to rise if it fails to hold above the $0.4820 support zone.

The XRP price has a higher purpose

The XRP price failed to overcome the resistance at USD 0.520 and reacted to the declines, just like Bitcoin and Ethereum. There was a acute drop below the $0.500 and $0.4850 support levels. There was a break below the main uptrend line with support at $0.4915 on the hourly chart of the XRP/USD pair.

However, the bulls stopped near $0.4700. The price started another upward move from the low of $0.4700. There was a move above the $0.4750 and $0.4820 resistance levels. The price even cleared the 23.6% Fib retracement level in a downward move from the high of $0.5202 to the low of $0.4700.

The price is currently above $0.4800 and the 100-hour elementary moving average. On the other hand, the price faces resistance near the $0.4950 level and the 50% Fib retracement level as part of a downward move from the $0.5202 high to the $0.4700 low.

The first key resistance is located near USD 0.500. The next major resistance is near the $0.520 level. A close above the resistance zone at $0.520 could result in a price rally. The next key resistance is near $0.5320. If there is a close above the $0.5320 resistance level, there could be a steady rally towards the $0.5500 resistance level. Any further upside could push the price towards the resistance at $0.5550.

Another decline?

If XRP fails to break through the resistance zone at $0.4950, another decline could begin. Initial downside support is located near the $0.4865 level and the 100-hour elementary moving average.

The next major support is located at $0.4820. If there is a breakout to the downside and a close below the $0.4820 level, the price could gain bearish momentum. In this case, the price may drop and retest the support at USD 0.4550 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 0.4820 and USD 0.4700.

Major resistance levels – USD 0.4950 and USD 0.500.