XRP’s price has commenced another decline from the $0.5980 zone, indicating a gain in bearish momentum that could potentially drive it below the crucial $0.5500 support zone. Despite making strides above the $0.550 level, akin to Bitcoin and Ethereum, XRP’s bulls struggled to surmount the $0.600 resistance. The price reached a peak at $0.5989 and now appears to be in a phase of correcting its gains.
Following attempts to sustain its upward trajectory, XRP experienced a dip below the $0.5750 mark. Further exacerbating this decline, a key bullish trend line with support at $0.5850 on the hourly chart of the XRP/USD pair was breached. This movement tested the 50% Fib retracement level of the surge that saw XRP rise from the $0.5234 swing low to the $0.5989 high.
Currently, XRP is trading beneath the $0.5680 mark and the 100-hourly Simple Moving Average. On the upside, immediate resistance is expected around the $0.5720 level, which aligns with the 100-hourly Simple Moving Average. Renewed resistance levels are apparent at the $0.580 and $0.5850 marks. A definitive advance beyond the $0.5850 resistance may propel the price toward the $0.5980 resistance zone, with subsequent targets near the $0.600 level and potentially up to $0.6120 or even $0.620.
Conversely, if XRP fails to overcome the $0.5720 resistance, the likelihood of its continued descent increases. Initial support on this downturn is observed near the $0.5550 level. The subsequent major support is at $0.5420, correlating with the 76.4% Fib retracement level of the prior upward movement from $0.5234 to $0.5989. Should XRP experience a significant break and close below the $0.5420 level, it might find itself declining further towards the $0.530 support in the near term, with additional support expected at around $0.5250.
Technical indicators highlight a bearish outlook: the hourly MACD for XRP/USD is gaining momentum in the bearish zone, while the hourly RSI (Relative Strength Index) for the pair has dipped below the 50 level. Major support levels are noted at $0.5550 and $0.5420, with primary resistance levels standing at $0.5720 and $0.5850.
