XRP Price Temporary Bounce: Recovery Might Not Last
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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.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
