XRP Price Upside Fades: Is a Reversal on the Horizon?

XRP price failed to climb above the $0.6050 resistance and declined. The price is now testing the $0.5765 support and might consolidate for some time.

• XRP price is still struggling to clear the $0.600 resistance zone.
• The price is now trading below $0.590 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it clears the $0.5850 and $0.5880 resistance levels.

XRP Price Dips Again

XRP price struggled to gain pace for a move above the $0.600 resistance zone. The price started a downside correction and traded below the $0.5880 support like Bitcoin and Ethereum.

There was a drop below the $0.580 level and the price tested $0.5750. A low was formed at $0.5744 and the price is now attempting a recovery wave. There was a move above the $0.5780 and $0.580 levels. The price cleared the 23.6% Fib retracement level of the downward move from the $0.5953 swing high to the $0.5744 low.

The price is now trading below $0.590 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5850 level. There is also a key bearish trend line forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $0.5880 level or the 61.8% Fib retracement level of the downward move from the $0.5953 swing high to the $0.5744 low. The next key resistance could be $0.5920. A clear move above the $0.5920 resistance might send the price toward the $0.5950 resistance. Any more gains might send the price toward the $0.600 resistance or even $0.6050 in the near term.

More Losses?

If XRP fails to clear the $0.5850 resistance zone, it could start another decline. Initial support on the downside is near the $0.5765 level. The next major support is near the $0.5750 level.

If there is a downside break and a close below the $0.5750 level, the price might continue to decline toward the $0.5640 support in the near term. The next major support sits at $0.5500.

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 – $0.5765 and $0.5750.

Major Resistance Levels – $0.5850 and $0.5880.

Source