XRP price failed to recover above the $0.50 resistance zone. The price is falling again and there is a risk of further declines below USD 0.4840.
- XRP continues to show bearish signs and has been hovering around $0.50.
- The price is currently below $0.4920 and the 100-hour straightforward moving average.
- A key contracting triangle is forming on the hourly chart of the XRP/USD pair with resistance at $0.4950 (data source Kraken).
- The pair may recover, but bears may be energetic near the resistance at $0.4950.
XRP prices drop
XRP price failed to recover above the $0.50 resistance like Ethereum and Bitcoin. The price peaked near the $0.4981 level and recently began another decline.
There was a move below the USD 0.4980 and USD 0.4950 levels. The price fell below the 23.6% Fib retracement level resulting from the upward move from a low of $0.4701 to a high of $0.4981. It is currently trading below $0.4920 and the 100-hour straightforward moving average.
Bulls are now energetic near the support at $0.4840 and the 50% Fib retracement level in an upward move from the low at $0.4701 to the high at $0.4981.
On the other hand, the price is facing resistance near the USD 0.4920 level. The first key resistance is located near USD 0.4950. A key contracting triangle is also forming on the hourly chart of the XRP/USD pair with resistance at $0.4950. The next major resistance is near the $0.50 level.
A close above the $0.50 resistance zone 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 losses?
If XRP fails to break the resistance zone at $0.4950, it may continue to decline. Initial downside support is near the $0.4840 level.
The next major support is located at $0.4765. If there is a breakout to the downside and a close below the $0.4765 level, the price could 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 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 0.4840 and USD 0.4765.
Major resistance levels – USD 0.4950 and USD 0.5000.
