XRP price is still facing many hurdles near $0.600. The price is consolidating gains and might aim for a clear move above $0.5920 and $0.600.
XRP price remained supported near the $0.5620 zone.
The price is now trading below $0.5850 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support at $0.5765 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.
XRP Price Holds Support
XRP price formed a base above $0.5600 and started a fresh increase like Bitcoin and Ethereum. The price was able to clear the $0.5720 and $0.5850 resistance levels.
It even cleared the $0.590 level and tested $0.5935. A high was formed at $0.5932 and the price is now correcting gains. There was a minor decline below the $0.5850 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.5602 swing low to the $0.8932 high.
The price is now trading below $0.5850 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $0.5765 on the hourly chart of the XRP/USD pair. The channel support coincides with the 50% Fib retracement level of the upward move from the $0.5602 swing low to the $0.8932 high.
On the upside, the price might face resistance near the $0.5850 level. The first major resistance is near the $0.5920 level. The next key resistance could be $0.600. A clear move above the $0.600 resistance might send the price toward the $0.6065 resistance. The next major resistance is near the $0.6120 level. Any more gains might send the price toward the $0.6250 resistance or even $0.6320 in the near term.
Another Decline?
If XRP fails to clear the $0.5850 resistance zone, it could start another decline. Initial support on the downside is near the $0.5765 level. The next major support is $0.5680.
If there is a downside break and a close below the $0.5680 level, the price might continue to decline toward the $0.560 support in the near term. The next major support sits at $0.5500.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5765 and $0.5600.
Major Resistance Levels – $0.5920 and $0.6000.
Source: NewsBTC.com
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