XRP has struggled to maintain momentum, failing to break above the critical $0.600 resistance zone. This has led to a reversal in its price, with XRP now consolidating around the $0.570 level.
XRP Price Drops After Failing to Break $0.60
XRP attempted to climb above the $0.60 level but failed to sustain its upward trajectory. After reaching a peak at $0.60, the price began to decline, mirroring similar movements in Bitcoin and Ethereum. The decline pushed XRP below the $0.5850 and $0.5800 levels, signaling a loss of momentum.
A significant drop occurred when XRP broke below a short-term rising channel, with support previously at $0.590 on the hourly chart of the XRP/USD pair. This move even saw XRP briefly dip below the $0.5550 support level, forming a low at $0.5538. The price has since been consolidating these losses.
There has been a minor recovery, with XRP climbing above $0.5640 and surpassing the 23.6% Fibonacci retracement level of the recent downward move from the $0.60 high to the $0.5538 low. However, XRP remains below $0.600 and the 100-hour Simple Moving Average, indicating ongoing bearish pressure.
Potential for Recovery or Further Decline?
On the upside, XRP may face initial resistance near the $0.5770 level, which aligns with the 50% Fibonacci retracement level of the recent decline. The first major resistance is at $0.5885, followed by the critical $0.60 level. A decisive move above $0.60 could propel XRP towards the $0.6050 and $0.6160 resistance levels, with potential further gains extending to $0.6250 or even $0.6320 in the near term.
However, if XRP fails to clear the $0.5770 resistance zone, it could face another downturn. Immediate support is near the $0.5600 level, with more substantial support at $0.5550. A break and close below this level could lead to a continuation of the decline, pushing XRP toward the $0.5320 support. The next major support level lies at $0.5200.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for XRP/USD is currently below the 50 level, indicating weaker momentum.
Key Support Levels: $0.5620 and $0.5550.
Key Resistance Levels: $0.5770, $0.5885, and $0.6000.
The outlook for XRP remains uncertain as it hovers near critical support levels. Whether it can mount a recovery or continue its downward trend will depend on its ability to break through the key resistance zones.
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