XRP price has remained tightly range-bound beneath the $0.60 threshold, raising concerns of potential further losses if it dips below the critical $0.5550 support zone.
Currently in a consolidation phase, XRP’s price hovers below the $0.600 zone, trading under the $0.5750 mark and the 100-hourly Simple Moving Average. A bearish trend line has emerged, with resistance at $0.570 on the hourly chart of the XRP/USD pair. Should the pair surpass the $0.5750 resistance zone, a recovery wave might be on the horizon.
Despite attempts to stabilize, XRP has struggled, echoing the movements seen in Bitcoin and Ethereum. After a slight rise above the $0.5650 level, the price tested $0.5750 but couldn’t sustain momentum, falling back to retest the $0.5550 support. A low was recorded at $0.5567, followed by a period of consolidation. The price experienced a modest recovery, climbing above the 23.6% Fib retracement level from its recent decline between the $0.5767 swing high and the $0.5567 low.
Currently, the price remains under $0.5750 and the 100-hourly Simple Moving Average. On an upward trajectory, it faces resistance around the $0.5680 level, with major resistance at $0.570. This resistance aligns closely with the 61.8% Fib retracement level of the decline from $0.5767 to $0.5567. Clearing the $0.5750 threshold could propel the price towards the $0.5850 resistance. Further gains might push it to the $0.6020 mark, and possibly towards $0.6160 or even $0.6250 in the near term.
Conversely, failing to breach the $0.570 resistance zone could trigger another decline. Immediate support lies around the $0.560 level, with significant support at $0.5550. A break and close below $0.5550 might lead to a further drop towards the $0.5320 support, with the next major support at $0.5120.
Technical indicators suggest a weakening momentum: the hourly MACD for XRP/USD is losing pace in bearish territory, and the hourly RSI (Relative Strength Index) for XRP/USD has fallen below the 50 level. The major support levels stand at $0.5600 and $0.5550, while resistance levels are noted at $0.5700 and $0.5850.
