XRP price holds key support at $0.5220. Bulls may target modern gains unless a close below the $0.5220 support occurs.
- XRP is struggling to start a modern rally above the $0.5350 resistance zone.
- The price is currently below $0.5320 and the 100-hour straightforward moving average.
- A key bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance near $0.5280 (data source Kraken).
- The pair could start a modern rally unless the bears push the price below $0.5220.
XRP price maintains support
XRP price has once again experienced a bearish move and has retested the $0.5220 support zone like Bitcoin and Ethereum. There was also a jump below the support zone at $0.5220, but the bulls were dynamic.
The lowest level was formed at USD 0.5192 and the price returned above USD 0.5220. The price is currently trading near the 23.6% Fib retracement level of the bearish wave from a high of $0.5405 to a low of $0.5192. It is currently trading below $0.5320 and the 100-hour straightforward moving average.
On the other hand, the price is facing resistance near the USD 0.5280 level. A key bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance near $0.5280.
The first key resistance is located near $0.5300 or the 61.8% Fib retracement level of the bearish wave from the high of $0.5405 to the low of $0.5192. A close above the resistance zone at $0.5300 could result in a price rally. The next key resistance is around USD 0.540.
If there is a close above the resistance level at $0.540, there could be a steady rally towards the resistance level at $0.5450. Any further upside could push the price towards the resistance at $0.5650.
More flaws?
If XRP fails to break the resistance zone at $0.5280, it may continue to decline. Initial downside support is near the $0.5220 level.
The next major support is located at $0.5120. If there is a breakout to the downside and a close below the $0.5120 level, the price could 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 0.5220 and USD 0.5120.
Major resistance levels – USD 0.5280 and USD 0.5300.
