XRP Price Approaches Weekly High: Are Bears Ready to Take Control?

XRP price started a downward correction from the $0.6220 zone. The price fell below $0.600 and is now consolidating above the $0.580 support.

XRP price started a downward correction below the $0.600 zone.
The price is currently hovering around $0.5950 and the 100-hour basic moving average.
On the hourly chart of the XRP/USD pair, a connecting downtrend line is forming with resistance at $0.600 (data source: Kraken).
The pair could continue to rally if it breaks through the resistance zone at $0.600.

XRP price corrects gains

XRP price continued to rally above the $0.600 resistance. However, it encountered sellers near $0.6220 and recently started a downward correction, similar to Ethereum and Bitcoin. There was a move below the $0.600 and $0.5950 levels.

The price even tested $0.580. The low formed at $0.5802 and the price is now rising. There was a move above the $0.590 level. The price climbed above the 23.6% Fibonacci retracement level of the recent decline from the high of $0.6232 to the low of $0.5802.

The price is now trading near $0.5950 and the 100-hour basic moving average. If there is a fresh move up, the price could face resistance near the $0.600 level. There is also a connecting bearish trendline forming with resistance at $0.600 on the hourly chart of the XRP/USD pair.

The trendline is near the 50% Fibonacci retracement level of the recent decline from $0.6232 swing high to $0.5802 low. The first major resistance is near the $0.6050 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 $0.600 resistance zone, it could begin another decline. Initial support on the downside is near the $0.5850 level. The next major support is at the $0.580 level.

If the downtrend is broken and a close below $0.580, the price could continue to decline towards the support at $0.550 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 0.5850 and USD 0.5800.

Major resistance levels – USD 0.6000 and USD 0.6050.