XRP’s price remained relatively stable around the $0.5650 level but failed to break through the key resistance at $0.5850. This inability to clear the resistance led to another decline, similar to what was observed in Bitcoin and Ethereum.
The price experienced a dip below the $0.5800 and $0.5750 levels, which included a break below the 23.6% Fibonacci retracement level of the recent upward move from the $0.5457 swing low to the $0.5835 high. Additionally, XRP broke below a key rising channel, with support at $0.5745 on the hourly chart.
Currently, XRP is trading below $0.5750 and the 100-hourly Simple Moving Average (SMA). It is holding just above the 50% Fibonacci retracement level of the upward move from the $0.5457 swing low to the $0.5835 high, which is acting as a crucial support area.
On the upside, XRP faces immediate resistance at the $0.5750 level. If the price can surpass this, the next significant resistance is at $0.5800, followed by $0.5850. A clear move above $0.5850 could push the price toward the $0.60 resistance level, with further potential gains leading to resistance at $0.6150. A successful break above these levels might see XRP reaching $0.6250 or even $0.6320 in the near term.
If XRP fails to overcome the $0.5800 resistance, it may face further declines. The initial support is at $0.5650, with more substantial support at $0.5600. A downside break and a close below $0.5600 could lead to a continued decline toward the $0.5500 support level. If the bearish momentum persists, the next major support could be around $0.5350.
Technical Indicators
– Hourly MACD: The MACD for XRP/USD is losing pace in the bullish zone, indicating weakening upward momentum.
– Hourly RSI: The RSI for XRP/USD is now below the 50 level, suggesting a shift toward bearish sentiment.
– Major Support: $0.5600 and $0.5550
– Major Resistance: $0.5800 and $0.5850
Traders should closely monitor these levels as they could indicate the next direction for XRP’s price movement.
