XRP price extended losses and tested the $0.4440 support zone. The price is sharply correcting losses and may soon retest the $0.4720 resistance.
- XRP price corrects losses from the $0.4440 support zone.
- The price is currently trading below $0.4650 and the 100-hour simple moving average.
- The hourly chart of XRP/USD (data source: Kraken) shows a break below a key bullish trend line with support at $0.480.
- The pair may move higher again if it remains above the $0.450 support zone.
Support for XRP Price Revision
XRP price struggled to break the $0.4850 resistance and started a new decline, similar to Bitcoin and Ethereum. Bears took control and pushed the price below the $0.470 support. On the hourly chart, XRP/USD broke below the key bullish trend line with support at $0.480.
The pair even fell significantly below the $0.4550 support level. However, the bulls defended the $0.4440 support level. The minimum was formed at $0.4439, and now the price is correcting losses. There was a recovery wave above the $0.4520 resistance.
The price has risen above the 23.6% Fib retracement level of the recent decline from the swing high of $0.4878 to the low of $0.4439. It is now trading below $0.4650 and the 100-hour simple moving average.
On the downside, the price is facing resistance near the $0.4620 level. The first major resistance is found near the $0.4650 level and the 50% Fibonacci retracement level of the recent decline from the swing high of $0.4878 to the low of $0.4439. The next key resistance could be found at the $0.4720 level.
A clear break above the $0.4720 resistance could send the price towards the $0.4850 resistance. The next major resistance is around the $0.500 level. Any further gains could send the price towards the $0.5250 resistance.
Another recession?
If XRP fails to break the $0.4650 resistance zone, it could lead to a fresh decline. Initial support on the downside is near the $0.4520 level.
The next major support is at $0.4440. If there is a break down and a close below $0.4440, the price could continue to decline towards the $0.4320 support in the near term.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
The main support levels are $0.4520 and $0.4440.
The main resistance levels are $0.4620 and $0.4650.
