XRP price struggles to break above the $0.480 resistance zone. Right now, it’s getting lower and might drop below $0.4680.
The price failed to extend gains above $0.480. It is now trading below $0.4750 and the 100-hourly Simple Moving Average. A major bearish trend line forms with resistance at $0.4720 on the hourly XRP/USD chart (data from Kraken). The pair might face rejections near $0.4720 and $0.480.
XRP Price Retreats
XRP attempted a recovery wave above $0.4720, similar to Bitcoin and Ethereum. However, bears were active near the $0.480 resistance zone. A high formed at $0.4797, leading to a fresh decline.
The price moved below $0.4750 and $0.4720. It declined below the 50% Fib retracement level from the $0.4619 swing low to the $0.4797 high. The major bearish trend line with resistance at $0.4720 persists on the hourly chart.
Now, XRP trades below $0.4750 and the 100-hourly SMA. It finds bids near the 61.8% Fib retracement level of the move from $0.4619 to $0.4797.
On the upside, resistance lies near $0.4720. The first major resistance is at $0.4750, with the main hurdle at $0.480. A clear move above $0.480 might send the price toward $0.4850. The next major resistance is near $0.500. A close above $0.500 could push the price higher, with key resistance near $0.5120. Further gains might target $0.5250.
Will There be More Losses?
If XRP fails to clear $0.4720, it could continue to drop. Initial support is near $0.4680, with the next major support at $0.4620. A downside break and close below $0.4620 might lead to further decline. The price could then trade below the $0.4320 support in the near term.
Technical Indicators
- Hourly MACD: Moving into the negative territory.
- Hourly RSI: Below the 50 level.
- Major Support Levels: $0.4680 and $0.4620.
- Major Resistance Levels: $0.4720 and $0.4800.
