XRP price is still facing many hurdles near $0.600. The price is consolidating gains and might aim for a clear move above $0.5920 and $0.600.
- XRP price remained supported near the $0.5620 zone.
- The price is now trading below $0.5850 and the 100-hourly Simple Moving Average.
- There is a key rising channel forming with support at $0.5765 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.
XRP Price Holds Support
XRP price formed a base above $0.5600 and started a fresh increase like Bitcoin and Ethereum. The price was able to clear the $0.5720 and $0.5850 resistance levels.
It even cleared the $0.590 level and tested $0.5935. A high was formed at $0.5932 and the price is now correcting gains. There was a minor decline below the $0.5850 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5602 swing low to the $0.8932 high.
The price is now trading below $0.5850 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $0.5765 on the hourly chart of the XRP/USD pair. The channel support coincides with the 50% Fib retracement level of the upward move from the $0.5602 swing low to the $0.8932 high.
On the upside, the price might face resistance near the $0.5850 level. The first major resistance is near the $0.5920 level. The next key resistance could be $0.600. A clear move above the $0.600 resistance might send the price toward the $0.6065 resistance. The next major resistance is near the $0.6120 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
Another Decline?
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 $0.5680.
If there is a downside break and a close below the $0.5680 level, the price might continue to decline toward the $0.560 support in the near term. The next major support sits at $0.5500.
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.
Major Support Levels – $0.5765 and $0.5600.
Major Resistance Levels – $0.5920 and $0.6000.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.