đ„đ„đ„ #XRPPrice Trapped In Consolidation: Will Bulls Break Free?
XRP price is once again struggling to break through the $0.600 resistance, leading to a decline. Currently, the price is testing the $0.5840 support and may continue consolidating in the near term.
- XRP is still facing strong resistance around the $0.600 zone.
- The price is now trading below $0.5920 and the 100-hour Simple Moving Average.
- A bearish trend line is forming with resistance near $0.5880 on the hourly chart of the XRP/USD pair (data from Kraken).
- A fresh rally could begin if the price clears the key resistance levels of $0.5920 and $0.600.
XRP Struggling Below $0.60
Like Bitcoin and Ethereum, XRP attempted another breakout above the $0.5850 and $0.5880 levels. It even briefly spiked above $0.5920 but encountered selling pressure near $0.5960, forming a high at $0.5961 before starting a correction. The price fell below $0.5920 and $0.5880, breaking through the 50% Fib retracement level from the $0.5744 low to the $0.5961 high.
XRP is now trading below $0.5920 and the 100-hour Simple Moving Average. Immediate resistance lies near $0.5880, with a bearish trend line forming at this level on the hourly chart.
Key resistance levels to watch are $0.5920 and $0.5960. A clear break above $0.5960 could push the price toward the crucial $0.600 mark. If momentum builds, XRP could target higher levels, such as $0.6050 or even $0.6120.
Potential for Further Declines
If XRP fails to break the $0.5880 resistance, it may drop to initial support at $0.5820, with stronger support at $0.5800. A break below $0.5800 could push XRP toward $0.5740, with major support at $0.5650.
Technical Indicators
- Hourly MACD â The #MACD for XRP/USD is accelerating in the bearish zone.
- Hourly RSI â The RSI for XRP/USD is currently below the 50 mark, indicating weakness.
- Support Levels â $0.5800 and $0.5740.
- Resistance Levels â $0.5880 and $0.5960.
