The XRP price has been facing challenges recently, failing to break above the crucial $0.6050 resistance level and subsequently declining. Currently, the price is testing the $0.5765 support level and may consolidate for a period before the next major move.
Key Points
- XRP price is struggling to clear the $0.600 resistance zone.
- The price is now trading below $0.590 and the 100-hourly Simple Moving Average.
- A key bearish trend line is forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $0.5850 and $0.5880 resistance levels.
XRP Price Dips Again
The XRP price has struggled to gain momentum above the $0.600 resistance zone. This struggle has led to a downside correction, causing the price to trade below the $0.5880 support level, similar to the trends observed in Bitcoin and Ethereum.
There was a notable drop below the $0.580 level, and the price tested the $0.5750 mark. A low was formed at $0.5744, after which the price began an attempt at a recovery wave. This recovery saw a move above the $0.5780 and $0.580 levels.
The price managed to clear the 23.6% Fibonacci retracement level of the downward move from the $0.5953 swing high to the $0.5744 low. Despite this, the price is still trading below $0.590 and the 100-hourly Simple Moving Average.
On the upside, resistance might be encountered near the $0.5850 level. Additionally, a key bearish trend line is forming with resistance at this level on the hourly chart of the XRP/USD pair.
Resistance Levels
The first major resistance is near the $0.5880 level, which corresponds to the 61.8% Fibonacci retracement level of the downward move from the $0.5953 swing high to the $0.5744 low. The next key resistance level could be at $0.5920. A clear move above the $0.5920 resistance might propel the price towards the $0.5950 resistance.
Further gains could see the price challenging the $0.600 resistance, and potentially even reaching the $0.6050 level in the near term.
Potential for More Losses?
Should XRP fail to clear the $0.5850 resistance zone, another decline could be on the horizon. Initial support on the downside is near the $0.5765 level, with the next major support at $0.5750.
If there is a downside break and a close below the $0.5750 level, the price might continue to decline towards the $0.5640 support in the near term. The next major support lies at $0.5500.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is now below the 50 level.
Major Support Levels
- $0.5765
- $0.5750
Major Resistance Levels
- $0.5850
- $0.5880
