XRP price faced a major hurdle at the $0.6050 resistance level and has since retraced. Currently, the price is testing the $0.5765 support level and may consolidate for a period before deciding on its next move.
Despite numerous attempts, XRP price is still struggling to break above the $0.600 resistance zone. The current price action sees XRP trading below $0.590 and the 100-hourly Simple Moving Average. On the hourly chart of the XRP/USD pair from Kraken, a key bearish trend line with resistance at $0.5850 is forming. To resume an upward trend, the pair must surpass resistance levels at $0.5850 and $0.5880.
XRP Price Dips Again
The inability to breach the $0.600 resistance zone has led XRP price to initiate a downward correction. This correction saw the price drop below the $0.5880 support, similar to movements observed in Bitcoin and Ethereum. The price dipped below $0.580 to test $0.5750, forming a low at $0.5744 before attempting a recovery.
Upon rebounding, the price moved above $0.5780 and $0.580, clearing the 23.6% Fibonacci retracement level of the downward movement from the $0.5953 high to the $0.5744 low. However, the price is still below $0.590 and the 100-hourly Simple Moving Average, indicating possible resistance near $0.5850 along with the bearish trend line on the chart.
The primary resistance levels lie at $0.5880 and $0.5920, followed by a potential move towards $0.5950 and eventually the $0.600 target in the short term.
More Losses?
Should XRP fail to surpass the $0.5850 resistance, another downtrend might ensue. Initial support is at $0.5765 while major support rests at $0.5750. A breach below $0.5750 could trigger further decline towards the $0.5640 support, with a notable support zone at $0.5500.
Key technical indicators suggest a bearish outlook, with the hourly MACD losing momentum in the bullish zone and the hourly RSI dropping below the 50 level.
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In conclusion, the XRP price is currently facing resistance at the $0.5850 level and may experience further downside pressures if it fails to breach this level. While initial support lies at $0.5765, a decline below $0.5750 could lead to more losses towards the $0.5640 support level. Traders should closely monitor key levels and indicators for potential trend reversals and opportunities.
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