XRP
price
extended
losses
and
traded
below
the
$0.50
zone.
The
price
tested
the
$0.4700
zone
and
is
currently
attempting
a
short-term
recovery
wave.

• XRP
  is
  slowly
  moving
  higher
  from
  the
  $0.470
  support.
• The
  price
  is
  now
  trading
  below
  $0.4850
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  was
  a
  break
  above
  a
  connecting
  bearish
  trend
  line
  with
  resistance
  at
  $0.480
  on
  the
  hourly
  chart
  of
  the
  XRP/USD
  pair
  (data
  source
  from
  Kraken).
• The
  pair
  could
  recover,
  but
  the
  bears
  might
  be
  active
  near
  the
  $0.4880
  resistance.

XRP
Price
Finds
Support

XRP
price
failed
to
recover
above
the
$0.4880
resistance
like

Ethereum
and

Bitcoin.
The
price
extended
losses
below
the
$0.480
level.
It
even
tested
the
$0.470
zone.
A
low
was
formed
at
$0.4701
and
the
price
is
now
eyeing
a
short-term
recovery
wave.

 

There
was
a
move
above
the
$0.4750
level.
The
price
climbed
above
the
23.6%
Fib
retracement
level
of
the
downward
move
from
the
$0.5053
swing
high
to
the
$0.4701
low.

Besides,
there
was
a
break
above
a
connecting
bearish
trend
line
with
resistance
at
$0.480
on
the
hourly
chart
of
the
XRP/USD
pair.
However,
it
is
still
trading
below
$0.4850
and
the
100-hourly
Simple
Moving
Average.

On
the
upside,
the
price
is
facing
resistance
near
the
$0.4850
level.
The
first
key
resistance
is
near
$0.4880
or
the
50%
Fib
retracement
level
of
the
downward
move
from
the
$0.5053
swing
high
to
the
$0.4701
low.
The
next
major
resistance
is
near
the
$0.4920
level.

A
close
above
the
$0.4920
resistance
zone
could
send
the
price
higher.
The
next
key
resistance
is
near
$0.50.
If
there
is
a
close
above
the
$0.50
resistance
level,
there
could
be
a
steady
increase
toward
the
$0.5050
resistance.
Any
more
gains
might
send
the
price
toward
the
$0.5250
resistance.

 

More
Losses?

If
XRP
fails
to
clear
the
$0.4850
resistance
zone,
it
could
continue
to
move
down.
Initial
support
on
the
downside
is
near
the
$0.4750
level.

The
next
major
support
is
at
$0.470.
If
there
is
a
downside
break
and
a
close
below
the
$0.470
level,
the
price
might
accelerate
lower.
In
the
stated
case,
the
price
could
decline
and
retest
the
$0.4550
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
–
$0.4750
and
$0.4700.

Major
Resistance
Levels
–
$0.4850
and
$0.4920.

Go to Source
Author: Aayush Jindal

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