The XRP price deepened its losses and was trading below the USD 0.50 zone. The price has been testing the $0.4700 zone and is currently trying a short-term recovery wave.

• XRP is slowly moving higher from the support at $0.470.
• The price is currently below $0.4850 and the 100-hour basic moving average.
• There has been a break above the converging bearish trend line with resistance at $0.480 on the XRP/USD hourly chart (Kraken Data Source).
• The pair may recover, but bears may be busy near the resistance at $0.4880.

XRP price finds support

XRP price failed to recover above the $0.4880 resistance like Ethereum and Bitcoin. The price extended losses below the USD 0.480 level. It even tested the $0.470 zone. The lowest level was formed at USD 0.4701 and the price is currently waiting for a short-term wave of recovery.

There was a move above the $0.4750 level. The price rose above the 23.6% Fib retracement level in a move down from a high of $0.5053 to a low of $0.4701.

Additionally, there was a break above the converging bearish trend line with resistance at $0.480 on the hourly chart of the XRP/USD pair. However, it is still trading below USD 0.4850 and the 100-hour basic moving average.

On the other hand, the price is facing resistance near the USD 0.4850 level. The first key resistance is located near $0.4880 or the 50% Fib retracement level on the move down from the high of $0.5053 to the low of $0.4701. The next major resistance is near the $0.4920 level.

A close above the resistance zone at $0.4920 could see the price rise. The next key resistance is around $0.50. If there is a close above the $0.50 resistance level, there could be a steady rally towards the $0.5050 resistance level. Any further upside could push the price towards the resistance at $0.5250.

More losses?

If XRP fails to break the resistance zone at $0.4850, it may continue to decline. Initial downside support is near the $0.4750 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 accelerate lower. 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 0.4750 and USD 0.4700.

Major resistance levels – USD 0.4850 and USD 0.4920.