XRP Prices Reach Support: Will They Turn Around?
A negative drop began from $0.6480 barrier for XRP. The price is testing $0.550 and may rise again.
A bearish drop began below $0.620 and $0.600 for XRP.
The price is below $0.600 and the 100-hour SMA.
On the hourly XRP/USD chart, a negative trend line with resistance at $0.5750 is formed.
If it breaks $0.580 barrier, the pair may rise again.
XRP Reaches Support
XRP struggled above $0.6450 and $0.650. A downward decline began below $0.600, like Ethereum and Bitcoin.
Below $0.5850 and $0.580 support levels. The price fell below the 50% Fib retracement level of the ascending wave from $0.4925 swing low to $0.6475 high. Bulls are presently reaching $0.5500 support.
The 61.8% Fib retracement of the rising wave from $0.4925 swing low to $0.6475 high provides support. The price is below $0.600 and the 100-hour SMA.
The price faces resistance at $0.570 on the upside. Near $0.5750 is the first big resistance. On the hourly XRP/USD chart, a negative trend line with resistance at $0.5750 is formed. The next hurdle may be $0.580.
A clean break over $0.580 might push the price above $0.5950. Near $0.600 is the next significant resistance. More advances might push the price toward $0.620 or $0.650.
More drawbacks?
Without clearing the $0.580 barrier zone, XRP may continue to fall. Initial downside support is $0.5520. The next significant support is $0.550.
A downward break and closing below $0.550 might push the price around $0.5320. The next significant support is $0.5250.
The hourly MACD for XRP/USD is moving bearishly.
Relative Strength Index hourly XRP/USD RSI is below 50.
Key Support Levels: $0.5550, $0.5500.
Key Resistance Levels: $0.5750, $0.5800.
