$XRP Price Flashes Breakout Signal: Are Short-Term Gains Coming? - NewsBTC Analytics

XRP price extended its decline below the $0.5920 support. It tested the $0.5785 zone. A low was formed at $0.5788 and the price is now attempting a fresh increase unlike Bitcoin and Ethereum. There was a move above the $0.5850 and $0.5880 levels. The price cleared the 23.6% Fib retracement level of the downward move from the $0.6306 swing high to the $0.5788 low. Besides, there was a break above a connecting bearish trend line with resistance at $0.590 on the hourly chart of the XRP/USD pair.

The price is still trading below $0.600 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.600 level. The first major resistance is near the $0.6020 level. The next key resistance could be $0.6050 or the 50% Fib retracement level of the downward move from the $0.6306 swing high to the $0.5788 low. A clear move above the $0.6050 resistance might send the price toward the $0.6160 resistance.

The next major resistance is near the $0.6250 level. Any more gains might send the price toward the $0.6350 resistance or even $0.650 in the near term. If XRP fails to clear the $0.60 resistance zone, it could start another decline. Initial support on the downside is near the $0.5850 level. The next major support is at $0.5785. If there is a downside break and a close below the $0.5785 level, the price might continue to decline toward the $0.550 support in the near term. The next major support sits at $0.5320.