XRP Price Faces Resistance

XRP price remained in a range below $0.5650 like Bitcoin and Ethereum. There was a fresh decline, and the price retested the $0.540 support zone.

XRP price is consolidating above the $0.5400 level. The price must clear the $0.5520 and $0.5600 resistance levels to start a recovery wave.

XRP Price Met Resistance

XRP price remained in the sub-$0.5650 range, just like Bitcoin and Ethereum. There was a fresh decline in the price and the price retested the $0.540 support zone. The lowest level in the price was formed at $0.5400 and the price is currently experiencing a consolidation.

There was a minor increase in the price above the $0.5420 level. The price surpassed the 23.6 Fibonacci retracement level of the downside move from the $0.5647 swing high to $0.5400. However, the bears seem to be close to the $0.550 and $0.5520 levels.

The price is now trading below $0.550 and the 100 hourly Simple Moving Averages. The price is likely to face resistance near the $0.550 level on the upside. There is also a connecting bearish trend line forming on the hourly chart of the XRP/USD pair with a stop near $0.550.

The first major resistance lies near the $0.5550 level or the 76.4 Fibonacci retracement level of the downside move from the $0.5647 swing high to $0.5400.

The next key resistance could be $0.5600. If the price makes a clear move above the $0.5600 resistance, it could push the price towards the $0.5650 resistance. The next major resistance lies at $0.5720. Any upside in the price could push the price towards the $0.5880 resistance or even $0.600 in the shorter term.

Another Fall

If XRP price fails to clear the $0.5550 resistance zone, it could start another decline. An initial support on the downside is near the $0.5420 level. The next major support is $0.5400.

If there is a downside break and a close below the $0.5400 level, the price could move downwards towards the $0.5320 support in the short term. The next major support is located at $0.5250.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is currently losing momentum in the bearish territory.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.

Major Support Levels – $0.5400 and $0.5320

Major Resistance Levels – $0.5500 and $0.5600

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