XRP price faced a setback as it failed to surpass the $0.5850 resistance zone. The price has since dipped, showing bearish tendencies below the $0.5750 mark. Currently, XRP is trading under the $0.5750 level and the 100-hourly Simple Moving Average, signaling potential weaknesses in the market. A notable break occurred below a crucial rising channel, with pivotal support at $0.5745 on the hourly XRP/USD chart from Kraken data. Despite this, there remains potential for a fresh rally if the price manages to clear the $0.580 resistance zone.
Recently, XRP attempted to stabilize around the $0.5650 level and eyed further gains. However, it mirrored the setbacks seen in Bitcoin and Ethereum, failing to breach the $0.5850 resistance, leading to another downward movement. The dip saw XRP falling below the $0.580 and $0.5750 thresholds, including a drop below the 23.6% Fibonacci retracement level from the upward move that started at a $0.5457 low, reaching a $0.5835 high. Additionally, a break beneath a critical rising channel with support at $0.5745 on the hourly chart added to the bearish sentiment.
Currently, XRP is below the $0.5750 mark and the 100-hourly Simple Moving Average, maintaining the 50% Fibonacci retracement level from the $0.5457 low to the $0.5835 high. On the positive side, the price encounters obstacles near $0.5750. The first significant resistance appears at the $0.580 level, followed by another key resistance at $0.5850. A clear surge past the $0.5850 resistance could propel XRP toward the $0.60 level, continuing to $0.6150, with potential gains pushing it to $0.6250 or even $0.6320 in the near future.
However, if XRP cannot clear the $0.580 resistance, it might face another decline. Initial support lies at $0.5650, with subsequent major support at $0.560. A decisive break below $0.560 could see the price continuing its downward trajectory to the $0.550 support. Further declines could target the $0.5350 level.
Technical indicators provide additional insights. The hourly MACD for XRP/USD is slowing down in the bullish zone. Meanwhile, the hourly RSI for XRP/USD has dipped below the 50 level, indicating bearish momentum. The major support levels to watch are $0.5600 and $0.5550, while major resistance levels are $0.5800 and $0.5850.
