XRP Price Under Siege: Losses Likely to Extend Amid Market Weakness

[Bitcoin]

XRP Price Under Siege: Losses Likely to Extend Amid Market Weakness

XRP price struggled to surpass the $0.500 resistance zone. The price is moving lower and showing bearish signs for a move below the $0.4850 support.

• XRP price faced another rejection near the $0.50 resistance zone.


• The price is now trading below $0.4950 and the 100-hourly Simple Moving Average.


• There was a break below a short-term rising channel with support at $0.4920 on the hourly chart of the XRP/USD pair (data source from Kraken).


• The pair could extend losses if there is a close below the $0.4850 support zone.

XRP Price Dips Again

XRP price attempted a fresh increase above the $0.4950 resistance zone. It even spiked above the $0.50 resistance but there was no real bullish momentum. A high was formed at $0.5019 and the price started a fresh decline like Bitcoin.

There was a move below the $0.4980 and $0.4950 levels. There was a break below a short-term rising channel with support at $0.4920 on the hourly chart of the XRP/USD pair. The pair even traded below the 50% Fib retracement level of the upward move from the $0.4765 swing low to the $0.5019 high.

The price is now trading below $0.4950 and the 100-hourly Simple Moving Average. The bulls seem to be active near the $0.4850 support and the 61.8% Fib retracement level of the upward move from the $0.4765 swing low to the $0.5019 high.

If there is a fresh increase, the price might face hurdles near the $0.4950 level. The first major resistance is near the $0.50 and $0.5020 levels. A clear move above the $0.5020 resistance might send the price toward the $0.5150 resistance.

The next major resistance is near the $0.5250 level. A close above the $0.5250 resistance zone could send the price higher. The next key resistance is near $0.5320. Any more gains might send the price toward the $0.550 resistance.

More Losses?

If XRP fails to clear the $0.50 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4850 level.

The next major support is at $0.4765. If there is a downside break and a close below the $0.4765 level, the price might gain bearish momentum. In the stated case, the price could even trade below the $0.4540 low 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 - $0.4850 and $0.4765.

Major Resistance Levels - $0.5020 and $0.5150.

Source: XRP Price Under Siege: Losses Likely to Extend Amid Market Weakness