šŸ”„šŸ”„šŸ”„ #XRPPrice Reverses Course: Are More Losses Coming?

XRP Price Fails to Break $0.600, Consolidates Near $0.570

XRP's price attempted a breakout above the $0.600 resistance zone but failed, leading to a reversal. The cryptocurrency is now consolidating near the $0.570 level, trading below key resistance levels.

XRP Faces Resistance at $0.60

XRP tried to climb above the $0.60 level but couldn't sustain the momentum, leading to another decline similar to #bitcoinā˜€ļø and Ethereum. The price dropped below $0.5850 and $0.580, and a short-term rising channel's support at $0.590 was breached on the hourly XRP/USD chart (source: Kraken). The pair briefly spiked below the $0.5550 support, forming a low at $0.5538, and is currently consolidating its losses.

XRP saw a minor recovery, moving above $0.5640. It also climbed past the 23.6% Fib retracement level of the decline from the $0.60 high to the $0.5538 low. However, the price remains below $0.600 and the 100-hour Simple Moving Average (SMA).

On the upside, XRP might encounter resistance around $0.5770, which aligns with the 50% Fib retracement level of the downward move from $0.60 to $0.5538. The first major resistance lies at $0.5885, followed by key resistance at $0.60.

A decisive move above $0.60 could push the price toward $0.6050, with further resistance near $0.6160. If momentum builds, XRP could reach $0.6250 or even $0.6320 in the near term.

Potential for Another Decline

If XRP fails to break through the $0.5770 resistance, it could face another decline. The initial support is around $0.560, with major support at $0.5550. A break and close below $0.5550 could lead to a continued decline toward $0.5320, with the next significant support level at $0.520.

Technical Indicators

- Hourly MACD: The MACD for XRP/USD is losing momentum in the #BEARISHšŸ“‰ zone.

- Hourly RSI: The RSI for XRP/USD is below the 50 level, indicating weaker buying pressure.

- Support Levels: Key support is at $0.5620 & $0.5550.

- Resistance Levels: Major resistance lies at $0.5885 & $0.6000.

Source - newsbtc.com