XRP price has started a novel decline from the resistance zone at $0.5050. The price could fall further if there is a close below the support at $0.4865.
- XRP deepened losses and traded below the $0.500 support.
- The price is currently below $0.4950 and the 100-hour uncomplicated moving average.
- A key bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance at $0.4980 (data source from Kraken).
- The pair may move further towards the support at $0.4550 in the near future.
XRP price drops below $0.50
Recently, the price of XRP attempted to rebound above the $0.5050 level. However, the bears were busy and the price started a novel decline below the $0.500 support, just like Ethereum and Bitcoin.
There was a move below the USD 0.4920 and USD 0.4880 levels. The bottom was formed at USD 0.4867 and the price is currently consolidating losses. The stock is trading near the 23.6% Fib retracement level, which represents a downward move from a high of $0.5085 to a low of $0.4867.
The price is currently below $0.4950 and the 100-hour uncomplicated moving average. Immediate resistance is near the $0.4980 level. A key downtrend line is also forming on the hourly chart of the XRP/USD pair with resistance at $0.4980. It is close to the 50% Fib retracement level for a move down from the high of $0.5085 to the low of $0.4867.
Source: XRPUSD on TradingView.com
The first key resistance is located near USD 0.500. A close above the $0.500 resistance zone could trigger a powerful rally. The next key resistance is located near $0.5085 and the 100-hour uncomplicated moving average. If bulls maintain action above the $0.5085 resistance level, there could be a rally towards the $0.5250 resistance. Any further increases could push the price towards the resistance at $0.550.
More losses?
If XRP fails to break the resistance zone at $0.50, another decline could begin. Initial downside support is near the $0.4865 level.
The next major support is located at $0.4780. If there is a breakout to the downside and a close below the $0.4780 level, the price could accelerate lower. In this case, the price could retest the $0.450 support zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in a bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Major support levels – USD 0.4865 and USD 0.4780.
Major resistance levels – USD 0.500 and USD 0.5085.
