XRP price started a downside correction from the $0.6220 zone. The price declined below the $0.600 level and is now consolidating above the $0.580 support.
- XRP price started a downside correction below the $0.600 zone.
- The price is now trading close to $0.5950 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $0.600 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise if it breaks above the $0.600 resistance zone.
XRP Price Corrects Gains
XRP price extended its rise above the $0.600 resistance. However, it faced sellers near $0.6220 and recently started a downside correction as Ethereum It is Bitcoin. There was a move below the $0.600 and $0.5950 levels.
The price even tested $0.580. A low is formed at $0.5802 and the price is now moving upwards. There was a move above the $0.590 level. The price rose above the 23.6% Fib retracement level of the recent decline from the $0.6232 high to $0.5802 low.
The price is now trading near $0.5950 and the 100 hourly simple moving average. If there is a fresh upward move, the price could face resistance near the $0.600 level. There is also a bearish trend line forming with resistance at $0.600 on the hourly chart of the XRP/USD pair.
The trend line is close to the 50% Fib retracement level of the recent decline from the $0.6232 high to $0.5802 low. The first major resistance is near the $0.6050 level.
The next key resistance could be $0.6220. A clear move above the $0.6220 resistance could send the price towards the $0.6350 resistance. The next major resistance is near the $0.6500 level. Any further gains could send the price towards the $0.680 resistance.
More losses?
If XRP fails to break above the $0.600 resistance zone, it could start another decline. The initial support on the downside is near the $0.5850 level. The next major support is at $0.580.
If there is a downside break and close below the $0.580 level, the price could continue to decline towards the $0.550 support in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.5850 and $0.5800.
Key Resistance Levels – $0.6000 and $0.6050.