Bitcoin

Resistance

XRP price started another decline after it failed to surpass the $0.530 resistance. The price is back below $0.5150 and showing a few bearish signs. 
<ul> 
 <li>XRP struggled near $0.5300 and started a fresh decline.</li> 
 <li>The price is now trading below $0.5150 and the 100-hourly Simple Moving Average.</li> 
 <li>There was a break below a key contracting triangle with support at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair could gain bearish momentum if there is a close below $0.500.</li> 
</ul> 
<h2 id="xrp-price-turns-red">XRP Price Turns Red</h2> 
After a steady increase, XRP price faced resistance near the $0.530 zone. A high was formed at $0.5293 and the price started a downside correction like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-65k-3/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/all/ethereum-price-correction-2925/" target="_blank" rel="noopener ">Ethereum</a>. The price declined below the $0.5220 level. 
There was a move below the 50% Fib retracement level of the upward wave from the $0.4967 swing low to the $0.5293 high. Besides, there was a break below a key contracting triangle with support at $0.520 on the hourly chart of the XRP/USD pair. 
The price is now trading below $0.5150 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5150 level. The first key resistance is near $0.520. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_e62f47.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-608858 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_e62f47.png?resize=1024%2C449" alt="XRP Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_e62f47.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_e62f47.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_e62f47.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_e62f47.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_e62f47.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_e62f47.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_e62f47.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
A close above the $0.520 resistance zone could send the price higher. The next key resistance is near $0.5220. If the bulls push the price above the $0.5280 resistance level, there could be a fresh move toward the $0.5350 resistance. Any more gains might send the price toward the $0.550 resistance. 
<h2 id="more-losses">More Losses?</h2> 
If XRP fails to clear the $0.5150 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5045 level or the 76.4% Fib retracement level of the upward wave from the $0.4967 swing low to the $0.5293 high. The next major support is at $0.500. 
The main support is now near $0.4965. If there is a downside break and a close below the $0.4965 level, the price might accelerate lower. In the stated case, the price could drop and test the $0.4840 support 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 – $0.5040 and $0.5000. 
Major Resistance Levels – $0.5150 and $0.5200.

XRP Price Still at Risk: Will It Face Another Downside Break?

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