- XRP price started a fresh decline from the $0.600 resistance against the US dollar.
- The price is now trading below $0.565 and the 55 simple moving average (4 hours).
- There is a key bearish trend forming with resistance near the $0.5385 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
- The pair could extend losses if it breaks the $0.520 support zone.
XRP price is struggling below $0.585 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.520 support in the near term.
XRP Price Analysis
In the past few sessions, Ripple’s XRP price started a fresh decline from the $0.600 zone against the US Dollar. The XRP/USD pair stayed below the $0.585 level and extended its decline.
The bears were able to push the price below the $0.565 support. A low is formed near $0.5212, and the price is now consolidating losses. Immediate resistance on the upside is near the $0.5380 level. It is near the 23.6% Fib retracement level of the downward move from the $0.5922 swing high to the $0.5212 low.
The price is now trading above $0.565 and the 55 simple moving average (4 hours). There is also a key bearish trend forming with resistance near the $0.5385 on the 4-hour chart of the XRP/USD pair.
The next major resistance is near the $0.5565 level. It is close to the 50% Fib retracement level of the downward move from the $0.5922 swing high to the $0.5212 low. A clear move above $0.5565 might start a fresh increase. In the stated case, the price could even surpass the $0.580 resistance. Any more gains might send the price toward the $0.600 resistance.
Initial support on the downside is near $0.522. The next major support is near the $0.505 level. The main support sits at $0.500. Any more losses could lead the price toward the $0.480 level, below which the price might even test $0.465.
Looking at the chart, XRP price is now trading below the $0.565 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.500 support zone.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.522, $0.505, and $0.500.
Key Resistance Levels – $0.565 and $0.585.
