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XRP price struggled to recover above the $0.480 resistance area. The price is once again moving lower and may fall below the $0.4680 support level.
- XRP price failed to extend its gains above the $0.4800 resistance area.
- The price is now trading below the $0.4750 level and the 100-hour simple moving average.
- There is a major bearish trend line forming with resistance at $0.4720 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may once again face rejection near $0.4720 and $0.480.
XRP price decline
XRP price attempted a recovery wave above the $0.4720 level Bitcoin And Ethereum. However, the bears were active near the $0.480 resistance area. The high was formed at $0.4797 and the price started a new decline.
There was a move below the $0.4750 and $0.4720 levels. The price fell below the 50% Fib retracement level of the upward move from the swing low at $0.4619 to the swing high at $0.4797. There is also a major bearish trend line forming with resistance at $0.4720 on the hourly chart of the XRP/USD pair.
The price is now trading below the $0.4750 level and the 100 hourly simple moving average. However, it finds offers near the 61.8% Fib retracement level of the upward move from the swing low at $0.4619 to the swing high at $0.4797.
On the upside, the price is facing resistance near the $0.4720 level. The first major resistance is located near the $0.4750 level. The main hurdle remains near $0.480.
A clear move above the $0.480 resistance level could send the price towards the $0.4850 resistance level. The next major resistance is near the $0.500 level. A close above the $0.500 resistance area could send the price higher. The next major resistance is near $0.5120. Any further gains may push the price towards the $0.5250 resistance level.
More losses?
If XRP fails to cross the $0.4720 resistance area, it may continue to move lower. Initial support on the downside is located near the $0.4680 level.
The next major support is at $0.4620. If there is a downside breakout and close below $0.4620, the price may continue to fall. In the mentioned case, the price could trade below the $0.4320 support level in the near term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.4680 and $0.4620.
Key resistance levels – $0.4720 and $0.4800.
