XRP price extended losses and tested the $0.5120 zone. The price is now rising and may attempt to breach the $0.5320 resistance zone.
- XRP price corrects losses from the $0.5120 area.
- The price is now trading below $0.5400 and the 100 hourly simple moving average.
- There was a break above a downtrend line connected with resistance at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it breaches the $0.5350 resistance zone.
XRP price begins new rise
XRP price failed to initiate a further rise and extended losses below $0.5320, similar to Bitcoin and Ethereum. There was a move below the $0.530 and $0.5250 levels.
The price even fell below $0.5200 and tested $0.5120. The low was at $0.5117 and the price is now correcting losses. There was a move above the 23.6% Fibonacci retracement level of the downside move from the $0.5600 high to $0.5117 low.
There was a break above a downtrend line connected with resistance at $0.5280 on the hourly chart of the XRP/USD pair. The price is now trading below $0.5400 and the 100 hourly simple moving average.
On the upside, the price may face resistance near the $0.5350 level or the 50% Fibonacci retracement level of the downward move from the $0.5600 high to $0.5117 low . The first major resistance is near the $0.5400 level.
The next key resistance could be $0.5420. A sharp move above the $0.5420 resistance could send the price towards the $0.5485 resistance. Any further gains could send the price towards the $0.5550 resistance or even $0.5650 in the near term. The next major hurdle could be $0.5800.
Another decline?
If XRP fails to breach the $0.5350 resistance zone, it could begin a further decline. Initial support on the downside is near the $0.5230 level. The next major support is near the $0.5200 level.
If there is a downside breakout and close below the $0.5200 level, the price may continue to decline towards the $0.5120 support in the near term. The next major support lies near the $0.5050 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now accelerating into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.5230 and $0.5200.
Major resistance levels – $0.5350 and $0.5420.
