The price of XRP has encountered significant resistance near the $0.6050 level and has since experienced a decline. Currently, it is testing the $0.5765 support level and may undergo a period of consolidation.
XRP continues to face challenges breaking through the $0.600 resistance range. The cryptocurrency is trading below the $0.590 mark as well as the 100-hourly Simple Moving Average. An important bearish trend line is taking shape, with resistance positioned at $0.5850 on the hourly charts for the XRP /USD trading pair. If the price can successfully break above the $0.5850 and $0.5880 resistance points, a potential upward trend could emerge.
The recent performance of XRP demonstrates struggles in gaining upward momentum past the $0.600 mark, resulting in a downward correction. This trend has mirrored the movements seen in Bitcoin and Ethereum . The price dropped below the $0.580 level and even tested the $0.5750 level, hitting a low of $0.5744. A marginal recovery followed, with the price moving higher beyond the $0.5780 and $0.580 levels, and managing to clear the 23.6% Fibonacci retracement level from the recent downswing.
Presently, XRP is still trading beneath the $0.590 level and the 100-hourly Simple Moving Average, with resistance lurking around $0.5850. Major resistance points include the $0.5880 level, which correlates with the 61.8% Fibonacci retracement of the previous price drop. Should XRP manage to surpass the $0.5920 resistance, it could head towards $0.5950 or even challenge the $0.600 barrier again.
On the opposite end, if XRP cannot gain traction above the $0.5850 level, it might face additional declines. The immediate support is found at $0.5765, followed closely by further support at $0.5750. Should the price break below the $0.5750 level and close there, it could potentially lead to a drop toward the major support level of $0.5640, with further declines potentially reaching $0.5500.
Technical indicators reveal that the MACD for XRP /USD is losing momentum within the bullish zone, while the Relative Strength Index has dipped below the critical level of 50. The key support levels remain at $0.5765 and $0.5750, while the crucial resistance levels are identified at $0.5850 and $0.5880.
