XRP price extended losses and traded below the $0.50 zone. The price has tested the $0.4700 zone and is currently attempting a short-term recovery wave.
- XRP is slowly rising from the $0.470 support.
- The price is now trading below $0.4850 and the 100 hourly simple moving average.
- There was a break above a downtrend line with resistance at $0.480 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may recover, but bears may be active near the $0.4880 resistance.
XRP Price Finds Support
XRP price failed to recover above the $0.4880 resistance as Ethereum It is Bitcoin. The price extended losses below the $0.480 level. It even tested the $0.470 zone. A low was formed at $0.4701 and the price is now eyeing a short-term recovery wave.
There was a move above the $0.4750 level. The price rose above the 23.6% Fibonacci retracement level of the downward move from the $0.5053 swing high to $0.4701 low.
Additionally, there was a break above a downtrend line with resistance at $0.480 on the hourly chart of the XRP/USD pair. However, it is still trading below $0.4850 and the 100 hourly simple moving average.
On the upside, the price faces resistance near the $0.4850 level. The first key resistance is near $0.4880 or the 50% Fibonacci retracement level of the downward move from the $0.5053 swing high to $0.4701 low. The next major resistance is near the $0.4920 level.
![XRP Price Temporary Jump: Recovery May Not Last 1 XRP Price](https://thegurumedia.com/wp-content/uploads/2024/06/XRP_Price_3de63f.png)
A close above the $0.4920 resistance zone could push the price higher. The next key resistance is near $0.50. If there is a close above the $0.50 resistance level, there could be a steady rise towards the $0.5050 resistance. Any further gains could send the price towards the $0.5250 resistance.
More losses?
If XRP fails to break above the $0.4850 resistance zone, it could continue falling. Initial downside support is near the $0.4750 level.
The next major support is at $0.470. If there is a downside breakout and a close below the $0.470 level, the price could accelerate lower. In the stated case, the price could fall and retest the $0.4550 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.
Key support levels – $0.4750 and $0.4700.
Main resistance levels – $0.4850 and $0.4920.