XRP vulnerable to upside bias until price climbs above $0.50

ripple token price started a new decline at $0.5265 against the US Dollar. The decline in XRP price may continue until it climbs back above $0.50.

• Ripple token price is moving below the $0.488 support level against the US Dollar.
• The price is now trading below $0.48 and the 100 simple moving average (4-hours).
• There is a major bearish trend line forming with resistance near $0.475 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
• The pair may continue to decline below the $0.444 support in the near future.

Ripple’s token price correction has begun to decline

In the past few days, ripple’s XRP saw a downside correction below the $0.5265 resistance against the US Dollar. It declined below the $0.505 support area, similar to bitcoin and Ethereum.

The price gained bearish momentum below the $0.480 support area. A bottom was formed near $0.446 and the price is now recovering losses. There was a move above the $0.450 and $0.455 resistance levels. XRP above the 23.6% Fibonacci retracement level of the decline from the $0.5263 high to $0.4460 low.

XRP price is now trading below $0.500 and the 100 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $0.475 on the 4-hours chart of the XRP/USD pair.

An initial resistance on the upside is near the $0.475 area. The first major resistance is near the $0.448 level and the 100 simple moving average (4-hours). It is close to the 50% Fib retracement level of the downside move from the $0.5263 high to $0.4460 low.

Source: XRPUSD on Tradingview.com

A successful break above the $0.48 resistance could send the price towards the $0.505 resistance. Any more gains may have to test the $0.525 resistance level.

Fresh decline in XRP?

If ripple fails to clear the $0.48 resistance area, it could start another decline. On the downside, an initial support is near the $0.455 area.

The next major support is near the $0.445 level. If there is a downside break and a close below the $0.445 level, XRP price could extend losses. In the mentioned case, the price could retest the $0.425 support area.

technical indicators

4-hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well below the 50 level.

Key Support Levels – $0.455, $0.445, and $0.425.

Key Resistance Levels – $0.475, $0.480, and $0.500.