XRP price failed to stay above the $0.4840 support zone. The price has fallen, testing the support zone at $0.4750 and is now at risk of more losses.

• XRP extended losses and traded below the $0.4840 support zone.
• The price is currently below $0.4880 and the 100-hour plain moving average.
• A connecting bearish trendline is forming on the hourly chart of the XRP/USD pair with resistance at $0.4880 (data source from Kraken).
• The pair may recover, but the upside may be constrained above the resistance at $0.4920.

Increasing losses in the price of XRP

XRP price failed to recover above the $0.4950 resistance like Ethereum and Bitcoin. The price started a recent decline from a high of $0.4981. There was a move below the $0.4880 and $0.4850 levels.

The price fell below the $0.480 level. The bottom was formed at USD 0.4746 and the price is currently consolidating losses. It is testing the 23.6% Fib retracement level of the recent decline from a high of $0.4981 to a low of $0.4746. The price is currently below $0.4920 and the 100-hour plain moving average.

If bulls protect the support at $0.4740, an upward correction could occur. On the other hand, the price is facing resistance near the USD 0.4820 level. The first key resistance is located near $0.4850, which is the 50% Fib retracement level during the recent decline from a high of $0.4981 to a low of $0.4746.

A converging bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance at $0.4880. The next major resistance is near the $0.4950 level.

A close above the resistance zone at $0.4950 could result in a price rally. The next key resistance is around USD 0.5050. If there is a close above the $0.5050 resistance level, there could be a steady rally towards the $0.5250 resistance level. Any further upside could push the price towards the resistance at $0.5320.

More flaws?

If XRP fails to break the resistance zone at $0.4850, it may continue to decline. Initial downside support is located near the $0.4740 level.

The next major support is at $0.470. If there is a breakout to the downside and a close below the $0.470 level, the price may gain bearish momentum. In this case, the price may drop and retest the support at $0.450 in the near future.

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 0.4740 and USD 0.4700.

Major resistance levels – $0.4850 and $0.4920.