XRP price failed to sustain above the $0.50 resistance area. The price has fallen again and there is a risk of a further drop below $0.4840.
- XRP is still showing bearish signs and has struggled near $0.50.
- The price is now trading below $0.4920 and the 100-hour Simple Moving Average.
- There is a major contract triangle forming with resistance at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may recover, but the bears may work near the $0.4950 resistance.
The cost of XRP
XRP price failed to recover above $0.50 resistance like Ethereum and Bitcoin. The price rose near the $0.4981 level and has just started another decline.
There was a move below the $0.4980 and $0.4950 levels. The price dropped below the 23.6% Fib retracement level of the upward move from the $0.4701 low to $0.4981 high. It is now trading below $0.4920 and the 100-hour Simple Moving Average.
Bulls are now active near the $0.4840 support and the 50% Fib retracement level of the upside from the $0.4701 low to $0.4981 high.
On the other hand, the price is facing resistance near the $0.4920 level. The first key resistance is near $0.4950. There is also a major contract 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 area would send the price higher. The next key resistance is near $0.5050. If there is a close above the $0.5050 resistance level, there may be a further rise towards the $0.5250 resistance. Any further gains could send the price to the $0.5320 resistance.
More Losses?
If XRP fails to clear the $0.4950 resistance area, it could continue to decline. The first support on the downside is near the $0.4840 level.
The next major support is at $0.4765. If there is a lower break and close below the $0.4765 level, the price may accelerate lower. In the said scenario, the price could decline and retest the $0.4550 support in the near term.
Technical References
Hourly MACD – The MACD of XRP/USD is now gaining momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.4840 and $0.4765.
Major Resistance Levels – $0.4950 and $0.5000.
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