XRP has experienced further price declines, testing the support level at $0.5785. As the price attempts to recover, it is encountering resistance around the $0.620 mark.
XRP’s price had dipped below the $0.6120 threshold, and currently, it is trading beneath the $0.6250 price point and the 100-hourly Simple Moving Average. A crucial bearish trend line with resistance at $0.6220 has been observed on the hourly chart of the XRP/USD pair.
The price of XRP fell below the $0.6320 level, similar to the trends seen in Bitcoin and Ethereum. It further dropped past the $0.6000 support area, finding a low point at $0.5782 before consolidating its losses. A minor recovery took the price above the $0.6000 level, surpassing the 23.6% Fib retracement level from the downward movement between the $0.6640 swing high and the $0.5782 low.
Currently, XRP is trading above $0.6250 and the 100-hourly Simple Moving Average. However, it faces resistance near $0.6220, defined by a key bearish trend line on the hourly chart. This level coincides with the 50% Fib retracement of the same downward move. The initial major resistance stands at $0.6250. Should the price succeed in breaching the $0.6220 and $0.6250 levels, the next target would be $0.6320. A decisive move beyond this point might propel the price towards the $0.6500 mark, with further gains potentially driving it to the $0.6640 resistance or even $0.6800 in the near future.
Conversely, if XRP cannot surpass the $0.6250 resistance, it may continue its downward trajectory. Initial support on the downside is positioned around the $0.600 level, with a more significant support at $0.5920. Should the price break and close below $0.5920, it could further decline towards the $0.5780 support. The next major support level is around $0.5650.
Technical indicators show the hourly MACD for XRP/USD is losing momentum in the bearish zone, while the hourly RSI for XRP/USD is below the 50 level. Key support levels to watch are $0.5920 and $0.5780, with major resistance levels at $0.6220 and $0.6250.
