XRP price failed to climb above the USD 0.6050 resistance and declined. The price is now testing the support at USD 0.5765 and could consolidate for some time.
- XRP price is still struggling to break the USD 0.600 resistance zone.
- The price is now trading below $0.590 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start a fresh rise if it overcomes the USD 0.5850 and USD 0.5880 resistance levels.
XRP price drops again
XRP price struggled to gain pace for a move above the USD 0.600 resistance zone. The price started a downward correction and, like Bitcoin and Ethereum, traded below the $0.5880 support.
There was a decline below the USD 0.580 level and the price tested USD 0.5750. A low was formed at $0.5744 and the price is now trying to make a recovery wave. There was a move above the USD 0.5780 and USD 0.580 levels. The price crossed the 23.6% Fib retracement level of the downward move from the $0.5953 swing high to the $0.5744 low.
The price is now trading below $0.590 and the 100-hourly Simple Moving Average. On the upside, the price could encounter resistance near the $0.5850 level. There is also a major bearish trendline 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 downward move from the $0.5953 swing high to the $0.5744 low. The next major resistance could be at $0.5920. A clear move above the resistance at USD 0.5920 could send the price towards the resistance at USD 0.5950. Any further gains could send the price towards the near-term resistance at $0.600 or even $0.6050.
Lose more?
If XRP fails to break the USD 0.5850 resistance zone, it could trigger another decline. The initial downside support is near the $0.5765 level. The next major support is near the $0.5750 level.
If there is a downside break and a close below the USD 0.5750 level, the price could continue falling towards USD 0.5640 in the near term. The next major support is at $0.5500.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
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.
