XRP price failed to rise above the $0.6050 resistance and declined. The price is now testing the $0.5765 support and may consolidate for some time.
- XRP price is still struggling to clear the $0.600 resistance area.
- The price is now trading below $0.590 and the 100-hour Simple Moving Average.
- There is an important bearish trendline forming resistance at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair can start a new uptrend if it clears the resistance levels of $0.5850 and $0.5880.
XRP Price Dips Again
XRP price has struggled to find momentum to move above the $0.600 resistance area. The price started a lower correction and traded below the support of $0.5880 like Bitcoin and Ethereum.
There was a decline below the $0.580 level and the price was tested at $0.5750. A low was formed at $0.5744 and the price is now attempting a recovery wave. There was a move above the $0.5780 and $0.580 levels. The price cleared the 23.6% Fib retracement level to the downside from the $0.5953 swing high to the $0.5744 low.
The price is now trading below $0.590 and the 100-hour Simple Moving Average. On the other hand, the price may face resistance near the $0.5850 level. There is also a key bearish line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair.
The first major resistance is near the $0.5880 level or the 61.8% Fib retracement level of the downside from the $0.5953 swing high to the $0.5744 low. The next key resistance would be $0.5920. A clear move above the $0.5920 resistance could send the price to the $0.5950 resistance. Any further gains could send the price towards resistance at $0.600 or even $0.6050 in the near term.
More Losses?
If XRP fails to clear the $0.5850 resistance area, it could start another decline. The first support on the downside is near the $0.5765 level. The next major support is near the $0.5750 level.
If there is a break below and a close below the $0.5750 level, the price may continue to decline to the $0.5640 support in the near term. The next major support remains at $0.5500.
Technical References
Hourly MACD – The MACD of XRP/USD is now losing momentum in bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5765 and $0.5750.
Major Resistance Levels – $0.5850 and $0.5880.