XRP price failed to recover above the $0.50 resistance zone. The price is again moving lower and there is risk of more downsides below $0.4840.

• XRP is still showing bearish signs and struggled near $0.50.
• The price is now trading below $0.4920 and the 100-hourly Simple Moving Average.
• There is a key contracting triangle forming with resistance at $0.4950 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could recover, but the bears might be active near the $0.4950 resistance.

XRP Price Dips

XRP price failed to recover above the $0.50 resistance like Ethereum and Bitcoin. The price peaked near the $0.4981 level and recently started another decline.

There was a move below the $0.4980 and $0.4950 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $0.4701 swing low to the $0.4981 high. It is now trading below $0.4920 and the 100-hourly Simple Moving Average.

The bulls are now active near the $0.4840 support and the 50% Fib retracement level of the upward move from the $0.4701 swing low to the $0.4981 high.

On the upside, the price is facing resistance near the $0.4920 level. The first key resistance is near $0.4950. There is also a key contracting triangle forming with resistance at $0.4950 on the hourly chart of the XRP/USD pair. The next major resistance is near the $0.50 level.

A close above the $0.50 resistance zone could send the price higher. The next key resistance is near $0.5050. If there is a close above the $0.5050 resistance level, there could be a steady increase toward the $0.5250 resistance. Any more gains might send the price toward the $0.5320 resistance.

More Losses?

If XRP fails to clear the $0.4950 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4840 level.

The next major support is at $0.4765. If there is a downside break and a close below the $0.4765 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.4550 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 – $0.4840 and $0.4765.

Major Resistance Levels – $0.4950 and $0.5000.

Electric car maker Tesla is likely to start accepting Bitcoin for its cars, details filed with the US Securities and Exchanges Commission (SEC) show.

Tesla hinted at the possibility of accepting cryptocurrency payments in financial details related to its initial purchase of Bitcoin, which were added in the company’s 10-Q filing with the US regulator.

The company said that its $1.5 billion Bitcoin purchase was made “during the nine months ended September 30, 2021.” The period also saw the firm accept Bitcoin as payment for some of its products for three months, up to 31 March 2021.

However, although the transactions were completed as per applicable laws, Tesla notes it suspended the practice (accepting BTC) in May.

The company now sees the possibility of allowing customers to pay with Bitcoin or other digital assets in the future, according to a document published on Monday, 25 October, 2021.

“We may in the future restart the practice of transacting in cryptocurrencies for our products and services,” Tesla said in the report.

Tesla’s SEC filing also acknowledged the company’s view on digital assets, which the carmaker says could provide for long-term investment as well as serve as an alternative to cash.

Bitcoin’s mining issues

In May, Tesla CEO Elon Musk said the company would stop accepting Bitcoin for its vehicles, citing the cryptocurrency’s heavy reliance on fossil fuels for mining as an environmental issue that needed addressing.

While Bitcoin enthusiasts and aficionados were quick to blast the tech billionaire for what many said was reckless comments and misunderstanding of Bitcoin mining, he promised to see Tesla resume accepting BTC if fossil fuel use dropped by as much as 50%.

Bitcoin has increasingly become green given the exodus of minus from China and relocation to countries and locations with massive reserves of renewable energy.

Elsewhere, the price of Bitcoin has climbed above $63k once again after plunging from its all-time high of $67,278 reached on 20 October.