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XRP Price Falls Below Support, Bearish Momentum Builds

Source Newsbtc

XRP price started another decline from the $0.5980 zone. It is gaining bearish momentum and might drop below the $0.5500 support zone.

XRP price failed to clear the $0.60 resistance zone and trimmed gains.
The price is now trading below $0.5720 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could decline heavily if there is a close below the $0.550 pivot level.

XRP Price Trims Gains

XRP price extended gains above the $0.550 level like Bitcoin and Ethereum. However, the bulls failed to clear the $0.600 resistance zone. The price formed a high at $0.5989 and the price is now correcting gains.

There was a move below the $0.5750 level. Besides, there was a break below a key bullish trend line with support at $0.5850 on the hourly chart of the XRP/USD pair. The pair tested the 50% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5989 high.

The price is now trading below $0.5680 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5720 level and the 100-hourly Simple Moving Average.

The first major resistance is near the $0.580 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.5980 resistance. The next major resistance is near the $0.600 level. Any more gains might send the price toward the $0.6120 resistance or even $0.620 in the near term.

More Downsides?

If XRP fails to clear the $0.5720 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5550 level. The next major support is $0.5420 or the 76.4% Fib retracement level of the upward move from the $0.5234 swing low to the $0.5989 high.

If there is a downside break and a close below the $0.5420 level, the price might continue to decline toward the $0.530 support in the near term. The next major support sits at $0.5250.

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 – $0.5550 and $0.5420.

Major Resistance Levels – $0.5720 and $0.5850.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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