XRP price failed to climb above the USD 0.5850 resistance zone. The price declined and is now showing some bearish signs below the USD 0.5750 level.
- XRP price is struggling to rise above the USD 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 (Kraken data source).
- The pair could start a new rise if it breaks the $0.580 resistance zone.
XRP Price Drops in Support
The XRP price remained stable around the $0.5650 level and tried to make more gains. However, it failed to clear the USD 0.5850 resistance and started a new decline, just like Bitcoin and Ethereum.
There was a move below the USD 0.580 and USD 0.5750 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $0.5457 swing low to the $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 holds the 50% Fib retracement level of the upward move from the $0.5457 swing low to the $0.5835 high.
On the upside, the price is facing hurdles around the $0.5750 level. The first major resistance is around the $0.580 level. The next major resistance could be at $0.5850. A clear move above the USD 0.5850 resistance could send the price towards the USD 0.60 resistance. The next major resistance is near the $0.6150 level. Any further gains could send the price towards the near-term resistance at $0.6250 or even $0.6320.
Lose more?
If XRP fails to break the USD 0.580 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.5650 level. The next major support is at USD 0.560.
If there is a downside break and a close below the $0.5600 level, the price could continue falling towards the $0.550 support in the near term. The next major support is at $0.5350.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – USD 0.5600 and USD 0.5550.
Major resistance levels – $0.5800 and $0.5850.