XRP price extended losses below the $0.5120 support zone. It tested the $0.5080 zone and has now attempted another wave of recovery towards $0.5350.

• XRP is struggling to start a up-to-date rally above the $0.5250 resistance zone.
• The price is currently below $0.5150 and the 100-hour elementary moving average.
• A key bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance near $0.5180 (data source Kraken).
• The pair may continue to decline if the price remains below $0.5250.

XRP price increases losses

XRP price remained in a short-term bear zone like Bitcoin and Ethereum. The price struggled to start a recovery wave and continued losses below the $0.5220 support zone.

It even fell below the support at $0.5120. The lowest level was formed at USD 0.5080 and the price is currently experiencing a up-to-date wave of recovery. There was a move above the $0.5120 level. The price rose above the 23.6% Fib retracement level of the bearish wave from a high of $0.5405 to a low of $0.5080.

However, the price still remains below $0.520 and the 100-hour elementary moving average. On the other hand, the price is facing resistance near the USD 0.5180 level. A key bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance near $0.5180.

The first key resistance is located near $0.5250 or the 50% Fib retracement level of the bearish wave from the high of $0.5405 to the low of $0.5080. A close above the resistance zone at $0.5250 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 $0.5450 resistance level. Any further upside could push the price towards the resistance at $0.5650.

More flaws?

If XRP fails to break the resistance zone at $0.5180, it may continue to decline. Initial downside support is near the $0.5120 level.

The next major support is located at $0.5080. If there is a breakout to the downside and a close below the $0.5080 level, the price may accelerate lower. In this case, the price may drop and retest the $0.50 support level 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 0.5120 and USD 0.5080.

Major resistance levels – USD 0.5180 and USD 0.5250.