XRP price extended gains above the $0.6220 zone. The price tested the $0.6330 zone before bouncing back amid declines in BTC and ETH.
- XRP price started a downside correction in the $0.6330 zone.
- The price is now trading close to $0.600 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $0.5920 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it sustains above the $0.590 support zone.
XRP Price Maintains Uptrend Support
XRP price extended its rise above the $0.6150 resistance. It even climbed above the $0.6220 resistance before the bears stepped in. A high was formed at $0.6330 before Bitcoin It is Ethereum dragged the market down.
There was a move below the $0.6150 and $0.6120 levels. The price declined below the 50% Fib retracement level of the upward move from the $0.5802 swing low to $0.6330 high. It is now trading near $0.600 and the 100 hourly simple moving average.
There is also a bullish trend line forming with support at $0.5920 on the hourly chart of the XRP/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $0.5802 swing low to $0.6330 high.
If there is a fresh upward move, the price could face resistance near the $0.6120 level. The first major resistance is near the $0.6200 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 $0.6120 resistance zone, it could continue to decline. The initial support on the downside is near the $0.5950 level. The next major support is at $0.5920 and the trendline zone.
If there is a downside break and close below the $0.5920 level, the price could continue falling towards the $0.580 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 – $0.5920 and $0.5800.
Key Resistance Levels – $0.6120 and $0.6220.