XRP Price Consolidating Below Key Levels
XRP’s price has entered a consolidation phase below the crucial $0.600 mark, struggling to break through key resistance levels. Despite its attempts to recover, the price remains below $0.5750 and the 100-hourly Simple Moving Average, indicating a bearish trend. The hourly chart of the XRP/USD pair shows a connecting bearish trend line with resistance at $0.570, suggesting further challenges for XRP’s price movement.
XRP Price Starts Consolidation
XRP’s price maintained stability above the $0.5550 support level, mirroring the trends seen in Bitcoin and Ethereum. While there was a brief recovery wave that pushed the price above $0.5650 and tested $0.5750, another decline followed. After retesting the $0.5550 support, the price is currently consolidating losses. It managed to climb above the 23.6% Fibonacci retracement level, but key barriers remain.
- XRP’s price remains below $0.5750 and the 100-hourly SMA.
- Immediate resistance is seen near $0.5680, with a major hurdle at $0.570.
- A bearish trend line with resistance at $0.570 is evident on the hourly chart.
- If XRP breaks above $0.5750, it could target $0.5850 and $0.6020 levels.
- Further gains may lead to $0.6160 and $0.6250 in the short term.
More Losses?
Failure to surpass the $0.570 resistance level could trigger additional losses for XRP. Initial support is at $0.560, followed by major support at $0.5550. A downside break below $0.5550 could push the price towards $0.5320, with significant support at $0.5120.
Technical Indicators
- Hourly MACD: XRP/USD’s MACD is showing a bearish trend.
- Hourly RSI: The RSI for XRP/USD is currently below the 50 level.
- Major Support Levels: $0.5600, $0.5550
- Major Resistance Levels: $0.5700, $0.5850
Hot Take 💡
XRP’s price is struggling to break above key resistance levels, indicating a challenging path ahead. While a potential recovery wave could be on the horizon if $0.5750 is cleared, the current consolidation phase suggests further downside risks. Traders should closely monitor the $0.570 and $0.5550 levels for potential shifts in XRP’s price direction.
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