XRP price started a downside correction below the $0.650 level. The price is now trading near the $0.6120 support and could point to a further rise.
- XRP price initiated a pullback from the $0.6650 resistance zone.
- The price is now trading below $0.6450 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $0.6350 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may begin a further increase if it overcomes the $0.6320 and $0.6350 resistance levels.
XRP Price Looks Like New Rise
XRP price extended its rise above $0.620 resistance, surpassing Bitcoin and Ethereum. The price even surpassed the $0.650 level before the bears appeared. A high was formed at $0.6642 and the price began a downward correction.
There was a move below the $0.6450 and $0.6350 levels. The price tested the $0.6100 zone. A low was formed at $0.6091 and the price is now consolidating losses. There was a small move above the $0.6200 level.
The price rose above the 23.6% Fibonacci retracement level of the downward move from the $0.6642 high to $0.6091 low. The price is now trading above $0.6150 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $0.6320 level.
There is also a bearish trend line forming with resistance at $0.6350 on the hourly chart of the XRP/USD pair. It is close to the 50% Fibonacci retracement level of the downward movement from the $0.6642 high to $0.6091 low.
The first major resistance is near the $0.6420 level. The next key resistance could be $0.6500. A clear move above the $0.6500 resistance could send the price towards the $0.6640 resistance. Any further gains could send the price towards the $0.680 or even $0.700 resistance in the near term.
More losses?
If XRP fails to break above the $0.6350 resistance zone, it could continue falling. Initial downside support is near the $0.6150 level. The next major support is near the $0.6080 level.
If there is a downside breakout and close below the $0.6080 level, the price could continue falling towards the $0.600 support in the near term. The next major support lies at $0.580.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.6150 and $0.6080.
Main resistance levels – $0.6320 and $0.6350.