XRP is experiencing a period of consolidation around the $0.5785 support level. For a significant upward move, the price needs to settle above the $0.5920 and $0.600 thresholds.
Despite trading below the $0.600 resistance zone and the 100-hour Simple Moving Average, XRP is confronting a major bearish trend line that establishes resistance at $0.5850 on the hourly chart of the XRP/USD pair. Clearing the resistance levels at $0.5920 and $0.600 is crucial for the pair to gain bullish momentum.
XRP recently attempted to stay above $0.6050 but experienced a downside correction akin to Bitcoin and Ethereum, falling below the $0.600 and $0.590 support levels. However, buyers re-emerged near $0.5785, and the price rebounded to test the $0.5950 level.
Currently, the price is once again retreating below $0.5920. It broke through the 50% Fib retracement level of the upward move from the $0.5784 swing low to the $0.5956 high. The trading price is now positioned below $0.590 and the 100-hour Simple Moving Average, encountering bids near the 76.4% Fib retracement level of the upward move at $0.5825. On the upside, resistance is likely at the $0.5850 level.
Additionally, a major bearish trend line is forming, marking resistance at $0.5850 on the hourly chart. The initial major resistance is poised near $0.5920, followed by a key level at $0.600.
If the price successfully moves past the $0.600 resistance, it could ascend to the $0.6120 resistance level. Additional gains might propel the price towards the $0.6250 resistance or even $0.6320 in the near future.
Should XRP fail to overcome the $0.5920 resistance zone, a further decline could ensue. Initial support on the downside is around $0.5825, with the next significant support near $0.5780. A break and close below $0.5780 could lead the price to continue its decline toward the $0.5650 support in the short term, with the subsequent major support level resting at $0.5550.
Technical indicators reveal that the hourly MACD for XRP/USD is accelerating in the bearish zone, while the hourly RSI for XRP/USD has dipped below the 50 level. Crucial support levels stand at $0.5825 and $0.5780, while major resistance levels are positioned at $0.5920 and $0.6000.
