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XRP price started a fresh decline from the $0.550 resistance against the US Dollar. It could accelerate lower and revisit the $0.45 support.
- Ripple’s token price is declining from the 0.550 resistance against the US dollar.
- The price is now trading above $0.500 and the 100 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $0.5065 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to move down if it breaks the $0.488 support zone.
XRP Price Takes Hit
Recently, XRP made another attempt to clear the $0.550 resistance. However, the bulls failed to clear the $0.550 barrier. The price traded as high as $0.5510 and started a fresh decline, like Bitcoin and Ethereum.
There was a steady decline below the $0.532 and $0.525 levels. The price even declined below the $0.50 level and the 100 simple moving average (4 hours). Finally, it retested the $0.488 support zone. A low is formed near $0.4875 and the price is now consolidating losses.
XRP is now trading above $0.500 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.5065 on the 4-hour chart of the XRP/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $0.5510 swing high to the $0.4875 low.
On the upside, immediate resistance is near the $0.505 level and the trend line. A close above the $0.505 level could send the price toward the $0.525 resistance or the 61.8% Fib retracement level of the recent decline from the $0.5510 swing high to the $0.4875 low.
Source: XRPUSD on TradingView.com
A successful break above the $0.525 resistance level might start a strong increase toward the $0.550 resistance. Any more gains might send XRP toward the $0.580 resistance.
More Losses?
If XRP fails to clear the $0.505 resistance zone, it could continue to move down. Initial support on the downside is near the $0.488 zone.
The next major support is at $0.450. If there is a downside break and a close below the $0.450 level, XRP price might turn red. In the stated case, the price could retest the $0.420 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.488, $0.465, and $0.450.
Major Resistance Levels – $0.505, $0.525, and $0.550.
