XRP price failed to start a fresh increase above the $0.600 zone. The price reversed and now consolidates near the $0.570 level.
XRP price started another decline after it failed to clear the $0.60 resistance.
The price is now trading below $0.600 and the 100-hourly Simple Moving Average.
There was a break below a short-term rising channel with support at $0.590 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could attempt a recovery wave if it clears the $0.5770 resistance zone.
XRP Price Drops Again
XRP price failed to gain pace for a move above the $0.60 level. It formed a high at $0.60 and started another decline like Bitcoin and Ethereum. There was a move below the $0.5850 and $0.580 levels.
There was a break below a short-term rising channel with support at $0.590 on the hourly chart of the XRP/USD pair. The pair even spiked below the $0.5550 support level. A low was formed at $0.5538 and the price is now consolidating losses.
There was a minor move above the $0.5640 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.60 swing high to the $0.5538 low. The price is still trading below $0.600 and the 100-hourly Simple Moving Average.
On the upside, the price might face resistance near the $0.5770 level. It is close to the 50% Fib retracement level of the downward move from the $0.60 swing high to the $0.5538 low. The first major resistance is near the $0.5885 level.
The next key resistance could be $0.60. A clear move above the $0.60 resistance might send the price toward the $0.6050 resistance. The next major resistance is near the $0.6160 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
Another Drop?
If XRP fails to clear the $0.5770 resistance zone, it could start another decline. Initial support on the downside is near the $0.560 level. The next major support is at $0.5550.
If there is a downside break and a close below the $0.5550 level, the price might continue to decline toward the $0.5320 support in the near term. The next major support sits at $0.520.
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 – $0.5620 and $0.5550.
Major Resistance Levels – $0.5885 and $0.6000.
