XRP Price Grinds Lower: Searching for Support Amid Downtrend

XRP
price
extended
losses
below
the
$0.5220
support
zone.
It
tested
the
$0.5120
support
and
now
attempting
another
recovery
wave
toward
$0.550.

• XRP
  is
  struggling
  to
  start
  a
  fresh
  increase
  above
  the
  $0.5320
  resistance
  zone.
• The
  price
  is
  now
  trading
  below
  $0.530
  and
  the
  100-hourly
  Simple
  Moving
  Average.
• There
  is
  a
  major
  bearish
  trend
  line
  forming
  with
  resistance
  near
  $0.5230
  on
  the
  hourly
  chart
  of
  the
  XRP/USD
  pair
  (data
  source
  from
  Kraken).
• The
  pair
  could
  continue
  to
  move
  down
  if
  the
  price
  stays
  below
  $0.5320.

XRP
Price
Dips
Further

XRP
price
remained
in
a
short-term
bearish
zone
like

Bitcoin
and
Ethereum.
The
bears
were
able
to
push
the
price
below
the
key
support
at
$0.5220.
Finally,
the
price
tested
the
$0.5120
support
zone.

A
low
was
formed
at
$0.5126
and
the
price
is
now
attempting
a
fresh

recovery
wave.
There
was
a
move
above
the
$0.5165
level.
The
price
climbed
above
the
23.6%
Fib
retracement
level
of
the
downward
wave
from
the
$0.5406
swing
high
to
the
$0.5126
low.

However,
the
price
is
still
trading
below
$0.530
and
the
100-hourly
Simple
Moving
Average.
On
the
upside,
the
price
is
facing
resistance
near
the
$0.5220
level.
There
is
also
a
major
bearish
trend
line
forming
with
resistance
near
$0.5230
on
the
hourly
chart
of
the
XRP/USD
pair.

The
first
key
resistance
is
near
$0.5265
or
the
50%
Fib
retracement
level
of
the
downward
wave
from
the
$0.5406
swing
high
to
the
$0.5126
low.
A
close
above
the
$0.5265
resistance
zone
could
send
the
price
higher.
The
next
key
resistance
is
near
$0.5320.

If
there
is
a
close
above
the
$0.5320
resistance
level,
there
could
be
a
steady
increase
toward
the
$0.5450
resistance.
Any
more
gains
might
send
the
price
toward
the
$0.5650
resistance.

More
Downsides?

If
XRP
fails
to
clear
the
$0.5220
resistance
zone,
it
could
continue
to
move
down.
Initial
support
on
the
downside
is
near
the
$0.5150
level.

The
next
major
support
is
at
$0.5120.
If
there
is
a
downside
break
and
a
close
below
the
$0.5120
level,
the
price
might
accelerate
lower.
In
the
stated
case,
the
price
could
decline
and
retest
the
$0.50
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
–
$0.5120
and
$0.500.

Major
Resistance
Levels
–
$0.5220
and
$0.5320.