The price of XRP managed to stay above the $0.5000 level. The price is rebounding and needs to break through the $0.5480 resistance level to start a decent raise.
- XRP price is struggling to gain momentum to break above the $0.5350 zone.
- The price is currently trading below $0.5320 and the 100-hour plain moving average.
- On the hourly chart of the XRP/USD pair, there was a breakout of a key downtrend line with resistance at $0.5280 (data source: Kraken).
- If it fails to break through the USD 0.5320 and USD 0.5480 levels, the pair may decline again.
XRP price meets resistance
XRP price continued to decline below $0.5350, similar to Bitcoin and Ethereum. A recent decline occurred, and the price retested the $0.5020 support zone. A low was formed at $0.5021, and the price is now trying a rebound wave.
There was a compact rally above the $0.520 level. The price broke above the 23.6% Fibonacci retracement level of the downward move from the $0.5626 high to the $0.5021 low. There was a break above the key bearish trendline with resistance at $0.5280 on the hourly chart of the XRP/USD pair.
However, bears seem to be dynamic near the $0.5320 and $0.5350 levels. The price is now trading below the $0.5350 and the 100-hour plain moving average. On the other hand, the price could face resistance near the $0.5320 level.
The first major resistance is near the $0.5480 level or the 76.4% Fibonacci retracement level of the downward move from the $0.5626 high to the $0.5021 low. The next key resistance could be $0.5550. A clear move above the $0.5550 resistance could send the price towards the $0.5620 resistance.
The next major resistance is near the $0.5750 level. Any further gains could take the price towards the $0.5880 resistance or even $0.600 in the near future.
Another decline?
If XRP fails to break through the $0.5320 resistance zone, it could begin another decline. Initial support on the downside is near the $0.5220 level. The next major support is $0.5200.
If it breaks and closes below $0.5200, the price could continue to decline towards the $0.5120 support in the near future. The next major support is at $0.5020.
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 the XRP/USD pair is currently above the 50 level.
Major support levels – USD 0.5200 and USD 0.5120.
Major resistance levels – USD 0.5320 and USD 0.5480.
