XRP price failed to recover above the $0.50 resistance zone. The price is once again declining and there is a risk of more declines below $0.4840.
- XRP continues to show bearish signs and has been struggling around $0.50.
- The price is currently trading below $0.4920 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance at $0.4950 on the hourly chart of the XRP/USD pair (data source: Kraken).
- The pair could recover, but the bears might be active near the $0.4950 resistance.
XRP price drop
XRP price failed to recover above the $0.50 resistance like Ethereum and Bitcoin. The price peaked at $0.4981 and recently started a fresh decline.
There was a move below the $0.4980 and $0.4950 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.4701 swing low to $0.4981 high. It is now trading below $0.4920 and the 100 hourly simple moving average.
The bulls are now active near the $0.4840 support and the 50% Fib retracement level of the upward move from the $0.4701 swing low to $0.4981 high.
On the upside, the price is facing resistance near the $0.4920 level. The first major resistance is near $0.4950. There is also a key contracting triangle forming with resistance at $0.4950 on the hourly chart of the XRP/USD pair. The next major resistance is near the $0.50 level.
A close above the $0.50 resistance zone could push the price higher. The next key resistance is at $0.5050. A close above the $0.5050 resistance level could start a steady increase towards the $0.5250 resistance level. Any further gains could push the price towards the $0.5320 resistance level.
Further losses?
If XRP fails to clear the $0.4950 resistance zone, the downtrend could resume. The first support on the downside is near the $0.4840 level.
The next key support is at $0.4765. If there is a downside break and close below the $0.4765 level, the price could continue to decline. In this case, the price could drop and retest the $0.4550 support in the near term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key Support Levels – $0.4840 and $0.4765.
Key Resistance Levels – $0.4950 and $0.5000.
