The XRP price started a downward correction below the USD 0.650 level. The price is now trading near the USD 0.6120 support and could be aiming for another rise.
- XRP price started retreating from the USD 0.6650 resistance zone.
- The price is now trading below $0.6450 and the 100-hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $0.6350 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a fresh rise if it overcomes the $0.6320 and $0.6350 resistance levels.
XRP price looks fresh
XRP price extended its rise above the $0.620 resistance, beating Bitcoin and Ethereum. The price even reached the $0.650 level before the bears appeared. A high was formed at $0.6642 and the price started a downward correction.
There was a move below the USD 0.6450 and USD 0.6350 levels. The price tested the $0.6100 zone. A low was formed at $0.6091 and the price is now consolidating losses. There was a small move above the USD 0.6200 level.
The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6642 swing high to the $0.6091 low. The price is now trading above USD 0.6150 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the $0.6320 level.
A connecting bearish trendline is also forming with resistance at $0.6350 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.6642 swing high to the $0.6091 low.
The first major resistance is around the $0.6420 level. The next major resistance could be at USD 0.6500. A clear move above the USD 0.6500 resistance could send the price towards the USD 0.6640 resistance. Any further gains could send the price towards the near-term resistance at $0.680 or even $0.700.
Lose more?
If XRP fails to break the USD 0.6350 resistance zone, it could continue to decline. The initial downside support is near the $0.6150 level. The next major support is near the $0.6080 level.
If there is a downside break and a close below the $0.6080 level, the price could continue falling towards the $0.600 support in the near term. The next major support is at $0.580.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $0.6150 and $0.6080.
Major resistance levels – $0.6320 and $0.6350.
