XRP price extended losses and tested the $0.5240 support level. The price is currently consolidating and may struggle to start up-to-date growth.
- The XRP price fell further below the $0.5850 zone.
- The price is currently below $0.580 and the 100-hour basic moving average.
- A key bearish trend line is forming on the hourly chart of the XRP/USD pair with resistance at $0.5950 (data source from Kraken).
- The pair may struggle to rebound above the $0.5950 and $0.600 resistance levels.
XRP prices drop by 5%
The price of XRP extended its decline below the $0.600 level, underperforming Bitcoin and Ethereum. The price even dropped well below the $0.5550 support zone.
The bottom was formed at USD 0.5231 and the price is currently consolidating losses. There was a slight move above the $0.5350 level. The price is still well below the 23.6% Fib retracement level, a downward move from the high at $0.6642 to the low at $0.5231.
The price is currently above $0.5550 and the 100-hour basic moving average. On the other hand, the price may face resistance near the USD 0.5565 level. The first major resistance is near the $0.5950 level.
A key bearish trend line is also forming on the hourly chart of the XRP/USD pair with resistance at $0.5950. It is close to the 50% Fib retracement level for a move down from the high of $0.6642 to the low of $0.5231. The next key resistance could be the $0.600 level. A clear move above the resistance at $0.600 could push the price towards the resistance at $0.6120. Any further upside could push the price towards the resistance at $0.6250 or even $0.6320 in the near future.
More losses?
If XRP fails to break the resistance zone at $0.5565, it may continue to decline. Initial downside support is near the $0.530 level. The next essential support is near the USD 0.5240 level.
If there is a downside breakout and a close below the $0.5240 level, the price may continue to fall towards the $0.5050 support in the near future. The next major support is located near the $0.500 pivot zone.
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 0.5240 and USD 0.5050.
Major resistance levels – USD 0.5565 and USD 0.5950.