XRP price failed to break above the $0.6050 resistance and fell. The price is now testing the $0.5765 support and may consolidate for some time.
- XRP price is still struggling to break through the $0.600 resistance zone.
- The price is currently trading below $0.590 and the 100-hour uncomplicated moving average.
- The hourly chart of the XRP/USD pair shows a key downtrend line with resistance at $0.5850 (data source: Kraken).
- The pair could start a up-to-date uptrend if it breaks through the resistance levels at $0.5850 and $0.5880.
XRP price drops again
XRP price struggled to gain momentum to break above the $0.600 resistance zone. The price started a downward correction and traded below the $0.5880 support, similar to Bitcoin and Ethereum.
There was a drop below the $0.580 level and the price tested the $0.5750 level. A low was formed at the $0.5744 level and the price is now trying to bounce back. There was a move above the $0.5780 and $0.580 levels. The price broke the Fibonacci 23.6% retracement level of the downward move from the $0.5953 high to the $0.5744 low.
The price is now trading below $0.590 and the 100-hour uncomplicated moving average. On the upside, the price could face resistance near the $0.5850 level. A key bearish trendline is also forming on the hourly chart of the XRP/USD pair with resistance at $0.5850.
The first major resistance is near the $0.5880 level or the 61.8% Fibonacci retracement level of the downward move from the $0.5953 high to the $0.5744 low. The next key resistance could be $0.5920. A clear move above the $0.5920 resistance could send the price towards the $0.5950 resistance. Any further gains could send the price towards the $0.600 resistance or even $0.6050 resistance in the near future.
More losses?
If XRP fails to break through the $0.5850 resistance zone, it could begin another decline. Initial support on the downside is near the $0.5765 level. The next major support is near the $0.5750 level.
If it breaks and closes below $0.5750, the price could continue to decline towards the $0.5640 support in the near future. The next major support is at $0.5500.
Technical indicators
Hourly MACD – The MACD for the XRP/USD pair is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for the XRP/USD pair is currently below the 50 level.
Major support levels – USD 0.5765 and USD 0.5750.
Major resistance levels – USD 0.5850 and USD 0.5880.
