XRP price is struggling to break above the $0.520 resistance. If the price breaks out of the $0.50 support, the price could gain bearish momentum.
- XRP is attempting a new rally and is facing a hurdle near $0.520.
- The price is currently trading around $0.5150 and the 100 simple moving average (4-hour).
- On the 4-hour chart of the XRP/USD pair, a major bearish trend line has formed with resistance at $0.520 (data source: Kraken).
- The pair could gain bullish momentum if the price closes above the $0.520 resistance.
XRP price aims for an upward break
Recently, XRP price broke above the $0.550 resistance and tested $0.570. A high was formed at $0.5705 before a pullback similar to Bitcoin and Ethereum occurred. The price fell below the $0.5250 support zone.
It also surged below $0.500 and tested $0.4980. The low was formed at $0.4990 and the price is currently consolidating around the 23.6% Fib retracement level of the decline from the swing high of $0.5705 to the low of $0.4990. It is also trading near the 100-day simple moving average (4-hour) of $0.5150.
Immediate resistance lies near the $0.520 level. There is also a major bearish trend line forming at the $0.520 resistance on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
The next major resistance level is near $0.5350, or the 50% Fib retracement level of the decline from the swing high of $0.5705 to the low of $0.4990. A close above the $0.5350 resistance zone could trigger a significant rally. The next major resistance level is near $0.570. If the bulls sustain the action above the $0.570 resistance, it could move higher towards the $0.620 resistance. Further upside could send the price towards the resistance level at $0.680.
Will there be more losses?
If XRP fails to break out of the $0.520 resistance zone, further decline could begin. The first support on the downside is near the $0.500 level.
The next major support is at $0.490. If there is a downside break and it closes below the $0.490 level, the price could fall further. In the above case, the price is likely to retest the $0.460 support zone.
technical indicators
4-hour MACD – The MACD of XRP/USD is currently pacing in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level.
Major support levels – $0.500, $0.4990, and $0.460.
Main resistance levels – $0.520, $0.5350, $0.570.
