Bitcoin

Resistance

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. 
<ul> 
 <li>XRP is struggling to start a fresh increase above the $0.5320 resistance zone.</li> 
 <li>The price is now trading below $0.530 and the 100-hourly Simple Moving Average.</li> 
 <li>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).</li> 
 <li>The pair could continue to move down if the price stays below $0.5320.</li> 
</ul> 
<h2 id="xrp-price-dips-further">XRP Price Dips Further</h2> 
XRP price remained in a short-term bearish zone like <a href="https://www.newsbtc.com/analysis/btc/bitcoins-upside-fading-70k/" target="_blank" rel="noopener ">Bitcoin</a> 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 <a href="https://www.newsbtc.com/analysis/xrp/xrp-price-steadies-0-5220/" target="_blank" rel="noopener ">recovery wave</a>. 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_ae12c9.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610744 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_ae12c9.png?resize=1024%2C449" alt="XRP Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_ae12c9.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_ae12c9.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_ae12c9.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_ae12c9.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_ae12c9.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_ae12c9.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/XRP_Price_ae12c9.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="more-downsides">More Downsides?</h2> 
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.

XRP Price Grinds Lower: Searching for Support Amid Downtrend

Mục lục

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