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Categories:

Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

XRP Price Grinds Lower: Searching for Support Amid Downtrend

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XRP price extended losses below the $0.5220 support zone. It tested the $0.5120 support and now attempting another recovery wave toward $0.550.

  • XRP is struggling to start a fresh increase above the $0.5320 resistance zone.
  • The price is now trading below $0.530 and the 100-hourly Simple Moving Average.
  • There is a major bearish trend line forming with resistance near $0.5230 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to move down if the price stays below $0.5320.

XRP Price Dips Further

XRP price remained in a short-term bearish zone like Bitcoin and Ethereum. The bears were able to push the price below the key support at $0.5220. Finally, the price tested the $0.5120 support zone.

A low was formed at $0.5126 and the price is now attempting a fresh recovery wave. There was a move above the $0.5165 level. The price climbed above the 23.6% Fib retracement level of the downward wave from the $0.5406 swing high to the $0.5126 low.

However, the price is still trading below $0.530 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.5220 level. There is also a major bearish trend line forming with resistance near $0.5230 on the hourly chart of the XRP/USD pair.

The first key resistance is near $0.5265 or the 50% Fib retracement level of the downward wave from the $0.5406 swing high to the $0.5126 low. A close above the $0.5265 resistance zone could send the price higher. The next key resistance is near $0.5320.

XRP Price

If there is a close above the $0.5320 resistance level, there could be a steady increase toward the $0.5450 resistance. Any more gains might send the price toward the $0.5650 resistance.

More Downsides?

If XRP fails to clear the $0.5220 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5150 level.

The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.50 support in the near term.

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 – $0.5120 and $0.500.

Major Resistance Levels – $0.5220 and $0.5320.

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