Following the Ethereum and Bitcoin crash, XRP price started a sharp decline below the $0.500 support. There was a sharp decline below the $0.4850 support.
The price tested the $0.460 area. A low was formed at $0.460 and the price is currently consolidating losses. It is showing many bearish signs below the 23.6% Fibonacci retracement level of the down move from the $0.5767 swing high to $0.460 low.
The price is currently trading below $0.5880 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance at $0.5180 on the hourly chart of the XRP/USD pair. If a recovery wave occurs, the price is likely to face resistance near $0.4880.
The first major resistance is near the $0.500 level. The next key resistance could be at $0.5180, or the trend line or the 50% Fibonacci retracement level of the downward move from the $0.5767 swing high to $0.460 low. A clear break above the $0.520 resistance could push the price towards the $0.5350 resistance level.
The next major resistance is near the $0.5440 level. If it rises further, the price might drop towards the $0.550 resistance and even $0.5650 in the near term.
If XRP fails to break out of the $0.520 resistance zone, it is likely to continue its decline. An initial support on the downside is near the $0.4650 level. The next major support is at $0.460.
If there is a downside break and close below $0.460, the price might continue to decline towards the $0.4350 support level in the near term. The next major support is at $0.4250.
