XRP price is consolidating above the $0.5785 support. The price must settle above $0.5920 and $0.600 to start a fresh increase in the near term.
- XRP price is still trading below the $0.600 resistance zone.
- The price is now trading below $0.590 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.
XRP Price Holds Key Support
XRP price struggled to stay above $0.6050 and started a downside correction like Bitcoin and Ethereum. The price declined below the $0.600 and $0.590 support levels. However, the bulls remained active near $0.5785, and the price bounced back to test $0.5950.
It is again moving lower below the $0.5920 level. There was a break below the 50% Fib retracement level of the upward move from the $0.5784 swing low to the $0.5956 high.
The price is now trading below $0.590 and the 100-hourly Simple Moving Average. It is finding bids near the 76.4% Fib retracement level of the upward move from the $0.5784 swing low to the $0.5956 high at $0.5825. On the upside, the price might face resistance near the $0.5850 level.
There is also a major bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair. The first major resistance is near the $0.5920 level. The next key resistance could be $0.600.
A clear move above the $0.600 resistance might send the price toward the $0.6120 resistance. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
More Losses?
If XRP fails to clear the $0.5920 resistance zone, it could start another decline. Initial support on the downside is near the $0.5825 level. The next major support is near the $0.5780 level.
If there is a downside break and a close below the $0.5780 level, the price might continue to decline toward the $0.5650 support in the near term. The next major support sits at $0.5550.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5825 and $0.5780.
Major Resistance Levels – $0.5920 and $0.6000.
Source: NewsBTC.com
