XRP Price Slows Down: Will Bears Take Over or Bulls Fight Back?
XRP price is still trading in a range below the $0.550 level. The price is slowly moving lower and there could be more downsides below $0.520.
- XRP price is still stuck in a range above the $0.5080 support.
- The price is now trading below $0.5300 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $0.5285 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5300 and $0.5320 resistance levels.
XRP Price Dips Further
XRP price failed to start a fresh increase above the $0.5350 resistance. It started another decline and traded below the $0.5250 support level.
However, losses were limited compared to Bitcoin and Ethereum . A low was formed at $0.5210 and the price is now consolidating losses. There was a minor increase within a range and the price climbed above the $0.5250 resistance.
The price cleared the 23.6% Fib retracement level of the downward wave from the $0.5354 swing high to the $0.5210 low. The price is now trading below $0.5320 and the 100-hourly Simple Moving Average.
If there is another increase, the price might face resistance near the $0.5300 level. There is also a connecting bearish trend line forming with resistance at $0.5285 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward wave from the $0.5354 swing high to the $0.5210 low.
Source: XRPUSD on TradingView.comThe first major resistance is near the $0.5350 level. The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5650 resistance or even $0.580 in the near term. The next major hurdle might be $0.600.
More Losses?
If XRP fails to clear the $0.5350 resistance zone, it could start another decline. Initial support on the downside is near the $0.5220 level. The next major support is near the $0.520 level.
If there is a downside break and a close below the $0.520 level, the price might continue to decline toward the $0.5150 support in the near term. The next major support sits near the $0.5080 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 – $0.5220 and $0.5200.
Major Resistance Levels – $0.5350 and $0.5450.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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