XRP Holds Support: Can It Rise Against Falling BTC and ETH Prices?

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XRP price continued to rally above the $0.6220 zone. The price tested the $0.6330 zone before correcting amidst declines in BTC and ETH.

  • XRP price started a downward correction from the $0.6330 level.
  • The price is currently hovering around $0.600 and the 100-hour straightforward moving average.
  • On the hourly chart of the XRP/USD pair, a connecting uptrend line is forming with support at $0.5920 (data source: Kraken).
  • If the pair stays above the support zone at USD 0.590, another uptrend could begin.

XRP price maintains uptrend support

XRP price continued to rally above the $0.6150 resistance. It even climbed above the $0.6220 resistance before bears came in. A high formed at $0.6330 before Bitcoin and Ethereum dragged the market lower.

There was a move below the $0.6150 and $0.6120 levels. Price fell below the 50% Fibonacci retracement level of the upside move from the $0.5802 swing low to the $0.6330 high. It is currently trading near $0.600 and the 100-hour straightforward moving average.

The XRP/USD hourly chart is also seeing a connecting bullish trendline forming with support at $0.5920. The trendline is near the 76.4% Fibonacci retracement level of the uptrend from the swing low of $0.5802 to the high of $0.6330.

If there is a fresh move up, the price could face resistance near the $0.6120 level. The first major resistance is near the $0.6200 level. The next key resistance could be $0.6220. A clear move above the $0.6220 resistance could take the price towards the $0.6350 resistance. The next major resistance is near the $0.6500 level. Any further gains could take the price towards the $0.680 resistance.

More losses?

If XRP fails to break through the $0.6120 resistance zone, it could continue to move lower. Initial support on the downside is near the $0.5950 level. The next major support is at $0.5920 and the trendline zone.

If the downtrend is broken and a close below the $0.5920 level occurs, the price could continue to decline towards the support at $0.580 in the near future.

Technical indicators

Hourly MACD – The MACD for the XRP/USD pair is currently gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for the XRP/USD pair is currently below the 50 level.

Major support levels – USD 0.5920 and USD 0.5800.

Major resistance levels – USD 0.6120 and USD 0.6220.

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