XRP price extended losses and tested the $0.5785 support level. The price is now attempting a fresh increase and facing hurdles near $0.620.
XRP price declined further below the $0.6120 zone.
The price is now trading below $0.6250 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance at $0.6220 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.6220 and $0.6250 resistance levels.
XRP Price Eyes Fresh Increase
XRP price extended its decline below the $0.6320 level like Bitcoin and Ethereum. The price even declined below the $0.6000 support zone.
A low was formed at $0.5782 and the price is now consolidating losses. There was a minor move above the $0.6000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6640 swing high to the $0.5782 low.
The price is now trading above $0.6250 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.6220 level. There is also a key bearish trend line forming with resistance at $0.6220 on the hourly chart of the XRP/USD pair.
It is close to the 50% Fib retracement level of the downward move from the $0.6640 swing high to the $0.5782 low. The first major resistance is near the $0.6250 level.
The next key resistance could be $0.6320. A clear move above the $0.6320 resistance might send the price toward the $0.6500 resistance. Any more gains might send the price toward the $0.6640 resistance or even $0.6800 in the near term.
More Losses?
If XRP fails to clear the $0.6250 resistance zone, it could continue to move down. Initial support on the downside is near the $0.600 level. The next major support is near the $0.5920 level.
If there is a downside break and a close below the $0.5920 level, the price might continue to decline toward the $0.5780 support in the near term. The next major support sits near the $0.5650 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5920 and $0.5780.
Major Resistance Levels – $0.6220 and $0.6250.
Source: NewsBTC.com
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