HomeAltcoin NewsXRP Price Analysis: Bears Aim Key Downside Break At $0.50

XRP Price Analysis: Bears Aim Key Downside Break At $0.50

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  • 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.

XRP Price
XRP Price

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.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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