The XRP price started a downward correction from the $0.6220 zone. The price fell below USD 0.600 and is now consolidating above the USD 0.580 support.
- The XRP price started a downward correction below the $0.600 zone.
- The price is now trading near USD 0.5950 and the 100-hour Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $0.600 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could continue to rise if it breaks the $0.600 resistance zone.
XRP price corrects gains
The XRP price extended its rise above the $0.600 resistance. However, it faced sellers near $0.6220 and recently started a downward correction like Ethereum and Bitcoin. There was a move below the USD 0.600 and USD 0.5950 levels.
The price tested as high as $0.580. A low is formed at $0.5802 and the price is now rising. There was a move above the USD 0.590 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $0.6232 swing high to the $0.5802 low.
The price is now trading near USD 0.5950 and the 100-hour Simple Moving Average. If a new upward move occurs, the price may encounter resistance near the $0.600 level. A connecting bearish trendline is also forming with resistance at $0.600 on the hourly chart of the XRP/USD pair.
The trendline is close to the 50% Fib retracement level of the recent decline from the $0.6232 swing high to the $0.5802 low. The first major resistance is around the $0.6050 level.
The next major resistance could be at $0.6220. A clear move above the USD 0.6220 resistance could send the price towards the USD 0.6350 resistance. The next major resistance is near the $0.6500 level. Any further gains could send the price towards the USD 0.680 resistance.
Lose more?
If XRP fails to break the USD 0.600 resistance zone, it could trigger another decline. The initial downside support is near the $0.5850 level. The next major support is at USD 0.580.
If there is a downside break and a close below the $0.580 level, the price could continue falling towards the $0.550 support in the near term.
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 0.5850 and USD 0.5800.
Major resistance levels – $0.6000 and $0.6050.