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XRP Price Dips Again: What’s Causing The Continued Slide?

XRP price struggled to recover above the $0.480 resistance zone. The price is again moving lower and might drop below the $0.4680 support.

  • XRP price failed to extend gains above the $0.4800 resistance zone.
  • The price is now trading below $0.4750 and the 100-hourly Simple Moving Average.
  • There is a major bearish trend line forming with resistance at $0.4720 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might again face rejections near $0.4720 and $0.480.

XRP Price Retreats

XRP price attempted a recovery wave above the $0.4720 level like Bitcoin and Ethereum. However, the bears were active near the $0.480 resistance zone. A high was formed at $0.4797 and the price started a fresh decline.

There was a move below the $0.4750 and $0.4720 levels. The price declined below the 50% Fib retracement level of the upward move from the $0.4619 swing low to the $0.4797 high. There is also a major bearish trend line forming with resistance at $0.4720 on the hourly chart of the XRP/USD pair.

The price is now trading below $0.4750 and the 100-hourly Simple Moving Average. However, it is finding bids near the 61.8% Fib retracement level of the upward move from the $0.4619 swing low to the $0.4797 high.

On the upside, the price is facing resistance near the $0.4720 level. The first major resistance is near the $0.4750 level. The main hurdle is still near $0.480.

A clear move above the $0.480 resistance might send the price toward the $0.4850 resistance. The next major resistance is near the $0.500 level. A close above the $0.500 resistance zone could send the price higher. The next key resistance is near $0.5120. Any more gains might send the price toward the $0.5250 resistance.

More Losses?

If XRP fails to clear the $0.4720 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4680 level.

The next major support is at $0.4620. If there is a downside break and a close below the $0.4620 level, the price might continue to decline. In the stated case, the price could even trade below the $0.4320 support in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.4680 and $0.4620.

Major Resistance Levels – $0.4720 and $0.4800.

SOURCE

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