The XRP price is attempting a new increase of $0.4730 against the US dollar. The price could rise to $0.5320 unless there is a downside break below $0.4880.
- XRP is struggling to gain pace above the USD 0.5065 resistance against the US dollar.
- The price is now trading below $0.500 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near $0.4915 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair could continue to decline if it breaks the $0.4880 support zone.
XRP Price Eyes Recovery
After a steady decline, XRP found support near the $0.4730 zone. The price started a recovery wave above the USD 0.480 level, joining Bitcoin and Ethereum.
There was a move above the resistance at $0.4880. The bulls pushed it above the 23.6% Fib retracement level of the key decline from the $0.5510 swing high to the $0.4730 low. Additionally, there was a break above a major bearish trendline with resistance around $0.4915 on the 4-hour chart of the XRP/USD pair.
However, the bears remained active above the USD 0.500 resistance zone. The price is now trading below $0.500 and the 100 simple moving average (4 hours).
On the upside, immediate resistance is around the USD 0.500 level. The first major resistance is near the $0.5065 level and the 100 simple moving average (4-hour) or 50% Fib retracement level of the main decline from the $0.5510 swing high to the $0.4730 low.
Source: XRPUSD on TradingView.com
A close above the USD 0.5065 level could send the price towards the USD 0.521 resistance. A successful break above the USD 0.521 resistance level could trigger a strong rise towards the USD 0.550 resistance level. Any further gains could send XRP towards the USD 0.585 resistance.
Lose more?
If XRP fails to break the USD 0.5065 resistance zone, it could continue to decline. The initial downside support is near the $0.488 zone.
The next major support is $0.4730. If there is a downside break and a close below the USD 0.4730 level, the XRP price may accelerate lower. In the said case, the price could retest the USD 0.4320 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.488, $0.473 and $0.432.
Major resistance levels – $0.5065, $0.5210 and $0.550.
