XRP Price Turns Red: Can Bulls Stop the Fall?

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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.

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