XRP price is consolidating losses above the $0.500 support. The price could extend losses if it fails to recover above the $0.530 resistance zone.
- XRP extended losses and traded below the $0.530 support.
- The price is now trading below $0.5250 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $0.5150 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if the bulls push the price above $0.530.
XRP Price Stable Above $0.50
Recently, XRP price extended losses and traded below the $0.5250 support, like Bitcoin and Ethereum. There was a move toward the $0.5080 support. A low was formed at $0.5087 and the price is now consolidating losses.
There was a minor increase above the $0.5120 resistance. Besides, there was a break above a connecting bearish trend line with resistance at $0.5150 on the hourly chart of the XRP/USD pair. However, the pair is still trading below $0.5250 and the 100-hourly Simple Moving Average.
Immediate resistance is near the $0.5250 level. It is near the 23.6% Fib retracement level of the downward move from the $0.5699 swing high to the $0.5087 low. The first key resistance is near $0.530 and the 100-hourly Simple Moving Average.
Source: XRPUSD on TradingView.com
A close above the $0.530 resistance zone could spark a strong increase. The next key resistance is near $0.5465. If the bulls remain in action above the $0.5465 resistance level, there could be a rally toward the $0.580 resistance. Any more gains might send the price toward the $0.600 resistance.
More Losses?
If XRP fails to clear the $0.530 resistance zone, it could start another decline. Initial support on the downside is near the $0.5150 level.
The next major support is at $0.5080. If there is a downside break and a close below the $0.5080 level, the price might accelerate lower. In the stated case, the price could retest the $0.4840 support zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5150 and $0.5080.
Major Resistance Levels – $0.5250 and $0.530.
Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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