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Analytics

XRP Price Consolidates Below $0.530: What Could Trigger More Losses?

By admin
0 118

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.

XRP Price Consolidates Below $0.530: What Could Trigger More Losses?

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.

Source

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