XRP Price Reversal: More Losses?
XRP failed to get beyond $0.600. The price reversed and consolidates about $0.570.
After failing to break $0.60, XRP fell again.
The price is below $0.600 and the 100-hour SMA.
XRP/USD broke below a short-term ascending channel with support around $0.590 on the hourly chart.
After breaking $0.5770, the pair may try a recovery wave.
XRP Falls Again
XRP fails to get beyond $0.60. Like Bitcoin and Ethereum, it peaked at $0.60 then fell. It fell below $0.5850 and $0.580.
XRP/USD broke below a short-term ascending channel with support around $0.590 on the hourly chart. The pair even broke $0.5550 support. Price is consolidating losses after a low at $0.5538.
A little advance over $0.5640 occurred. The price rose above the 23.6% Fib retracement of the down move from $0.60 swing high to $0.5538 low. The price remains below $0.600 and the 100-hour SMA.
Price may find resistance at $0.5770 on the upside. The 50% Fib retracement level of the decline from the $0.60 swing high to the $0.5538 low is approaching. Near $0.5885 is the first significant resistance.
The next hurdle may be $0.60. A clean break above $0.60 might push the market above $0.6050. Near $0.6160 is the next big resistance. More advances might push the price toward $0.6250 or $0.6320.
Another Drop?
XRP may fall again if it fails to break $0.5770. Initial downward support is approaching $0.560. The next significant support is $0.5550.
After a negative break and closing below $0.5550, the price may fall toward $0.5320. The next significant support is $0.520.
