XRP price extended losses and tested the $0.5785 support level. The price is now attempting a fresh increase and facing hurdles near $0.620.
- XRP price declined further below the $0.6120 zone.
- The price is now trading below $0.6250 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $0.6220 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $0.6220 and $0.6250 resistance levels.
XRP Price Eyes Fresh Increase
XRP price extended its decline below the $0.6320 level like Bitcoin and Ethereum. The price even declined below the $0.6000 support zone.
A low was formed at $0.5782 and the price is now consolidating losses. There was a minor move above the $0.6000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6640 swing high to the $0.5782 low.
The price is now trading above $0.6250 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.6220 level. There is also a key bearish trend line forming with resistance at $0.6220 on the hourly chart of the XRP/USD pair.
It is close to the 50% Fib retracement level of the downward move from the $0.6640 swing high to the $0.5782 low. The first major resistance is near the $0.6250 level.
The next key resistance could be $0.6320. A clear move above the $0.6320 resistance might send the price toward the $0.6500 resistance. Any more gains might send the price toward the $0.6640 resistance or even $0.6800 in the near term.
More Losses?
If XRP fails to clear the $0.6250 resistance zone, it could continue to move down. Initial support on the downside is near the $0.600 level. The next major support is near the $0.5920 level.
If there is a downside break and a close below the $0.5920 level, the price might continue to decline toward the $0.5780 support in the near term. The next major support sits near the $0.5650 zone.
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.
Major Support Levels – $0.5920 and $0.5780.
Major Resistance Levels – $0.6220 and $0.6250.
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.