XRP price started a downside correction from the USD 0.6480 resistance. The price is now testing the USD 0.550 support and could expect another rise.
- XRP price started a downward correction below the USD 0.620 and USD 0.600 levels.
- The price is now trading below $0.600 and the 100-hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $0.5750 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 Reaches Major Support
The XRP price struggled to extend gains above the USD 0.6450 and USD 0.650 levels. The price started a downward correction below the USD 0.600 level, just like Ethereum and Bitcoin.
There was a move below the USD 0.5850 and USD 0.580 support levels. The price fell below the 50% Fib retracement level of the upwave from the $0.4925 swing low to the $0.6475 high. However, the bulls are now active near the $0.5500 support.
The 61.8% Fib retracement level of the upward wave from the $0.4925 swing low to the $0.6475 high acts as support. The price is now trading below $0.600 and the 100-hourly Simple Moving Average.
On the upside, the price is facing hurdles around the USD 0.570 level. The first major resistance is around the $0.5750 level. There is also a major bearish trendline forming with resistance at $0.5750 on the hourly chart of the XRP/USD pair. The next major resistance could be at USD 0.580.
A clear move above the USD 0.580 resistance could send the price towards the USD 0.5950 resistance. The next major resistance is near the $0.600 level. Any further gains could send the price towards the short-term resistance at USD 0.620 or even USD 0.650.
More disadvantages?
If XRP fails to break the USD 0.580 resistance zone, it could continue to decline. The initial downside support is near the $0.5520 level. The next major support is at USD 0.550.
If there is a downside break and a close below the USD 0.550 level, the price could continue falling towards the USD 0.5320 support. The next major support is at $0.5250.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – USD 0.5550 and USD 0.5500.
Major resistance levels – $0.5750 and $0.5800.
