XRP Price Remains Vulnerable: Is Another Downside Break Inevitable?
The price of XRP has once again faced resistance and is currently experiencing a decline. Despite its previous attempts to surpass the $0.530 resistance, the price has fallen below $0.5150 and is displaying bearish signals.
- Efforts to break the $0.5300 barrier have been met with resistance.
- The price is now trading below the 100-hourly Simple Moving Average and $0.5150.
- The hourly chart for the XRP/USD pair from Kraken shows a break below a crucial contracting triangle with support at $0.520.
- A close below $0.500 could result in further bearish momentum.
XRP Price Turns Red
Following a period of steady growth, the XRP price encountered resistance near the $0.530 level. Eventually, the price began a correction, similar to Bitcoin and Ethereum. It dropped below the $0.5220 level.
Moreover, there was a break below 50% Fib retracement level of the upward wave, ranging from the $0.4967 swing low to the $0.5293 high. Additionally, the hourly chart for the XRP/USD pair indicated a break below a key contracting triangle with support at $0.520.
The price is currently trading below $0.5150 and the 100-hourly Simple Moving Average. Immediate resistance can be found near the $0.5150 level, with the first major hurdle at $0.520.
If the price successfully surpasses the $0.520 resistance, it could pave the way for further upward movement. The next significant resistance level stands at $0.5220. Moreover, breaching the $0.5280 resistance could initiate a fresh rally toward the $0.5350 resistance level. Should the price continue to rise, it may approach the $0.550 resistance.
More Losses?
If the XRP price fails to break through the $0.5150 resistance, it may continue its downward momentum. The initial support on the downside lies near the $0.5045 level or the 76.4% Fib retracement level of the upward wave from the $0.4967 swing low to the $0.5293 high. Additionally, a major support level can be found at $0.500.
The primary support zone is currently near $0.4965. A downside break and close below this level may result in accelerated downward movement. In this scenario, the price might test the $0.4840 support in the near future.
Technical Indicators
The MACD for XRP/USD on the hourly chart is now indicating a bearish trend.
The RSI for XRP/USD is currently below the 50 level.
Major Support Levels – $0.5040 and $0.5000.
Major Resistance Levels – $0.5150 and $0.5200.