XRP Bulls Want Gains: Will They Breakout?
XRP fell below $0.5550 before bulls arrived. The price is stabilizing and may rise over $0.580.
XRP price began consolidating after falling around $0.5550.
The price is below $0.580 and the 100-hour SMA.
On the hourly XRP/USD chart, a negative trend line with resistance around $0.5720 is formed.
After clearing $0.580, the pair may try a recovery wave.
The XRP Price Consolidates
XRP extended losses below $0.580 like Bitcoin and Ethereum. Even $0.5550 was tried. Recently, the price began an upswing correction from $0.5538.
Price rose over $0.5580 and $0.5620. Price soared beyond the 50% Fib retracement level of the $0.60 swing high to $0.5538 low decline. But bears kept protecting upsides over $0.5850.
The price remains below $0.580 and the 100-hour SMA. The price may find resistance at $0.5720 on the upside. On the hourly XRP/USD chart, a negative trend line with resistance around $0.5720 is formed.
Near $0.5885 is the first significant resistance. It is around the 76.4% Fib retracement of the $0.60 swing high to $0.5538 low decline.
The next hurdle may be $0.60. A clean break above $0.60 might push the market above $0.6050. Near $0.6160 is the next big resistance. More advances might push the price toward $0.6250 or $0.6320.
Another Fall?
XRP may fall again if it fails to break $0.5720. Initial downside support is $0.5640. The next significant support is $0.5550.
After a negative break and closing below $0.5550, the price may fall toward $0.5320. The next significant support is $0.5120.
Hourly MACD on XRP/USD is falling in the negative zone.
Relative Strength Index hourly XRP/USD RSI is below 50.
Key Support Levels: $0.5640, $0.5550.
Key Resistance Levels: $0.5720, $0.5885.
