XRP price failed to break above the $0.5850 resistance zone. The price fell and is now showing some bearish signals below the $0.5750 level.
- XRP price is struggling to break above the $0.5850 level.
- The price is now trading below $0.5750 and the 100 hourly simple moving average.
- There was a break below a key ascending channel with support at $0.5745 on the hourly chart of the XRP/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it breaks the resistance zone of $0.580.
XRP Price Drops to Support
XRP price remained stable near the $0.5650 level and attempted to gain more gains. However, it failed to clear the $0.5850 resistance and started another decline as Bitcoin and Ethereum.
There was a move below the $0.580 and $0.5750 levels. The price dropped below the 23.6% Fib retracement level of the upward move from the $0.5457 low to $0.5835 high. Moreover, there was a break below a key ascending channel with support at $0.5745 on the hourly chart of the XRP/USD pair.
The price is now trading below $0.5750 and the 100 hourly simple moving average. It is holding at the 50% Fibonacci retracement level of the upward move from the $0.5457 low to $0.5835 high.
On the upside, the price is facing hurdles near the $0.5750 level. The first major resistance is near the $0.580 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance could send the price towards the $0.60 resistance. The next major resistance is near the $0.6150 level. Any further gains could send the price towards the $0.6250 resistance or even $0.6320 in the near term.
More losses?
If XRP fails to clear the $0.580 resistance zone, it could start another decline. The initial support on the downside lies near the $0.5650 level. The next major support lies at $0.560.
If there is a downside break and close below the $0.5600 level, the price could continue to decline towards the $0.550 support in the near term. The next major support lies at $0.5350.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels: $0.5600 and $0.5550.
Main resistance levels: $0.5800 and $0.5850.
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