XRP’s price remains under pressure near the $0.600 mark, despite attempts at consolidation. Currently trading below $0.5850 and its 100-hourly Simple Moving Average, XRP is struggling to break out but shows promising signs of a potential upswing.
Support for XRP can be observed around the $0.5620 area, where the price has managed to stabilize and initiate a fresh upward movement akin to Bitcoin and Ethereum. Breaking through the resistance levels at $0.5720 and $0.5850, XRP even surpassed the $0.590 threshold, reaching as high as $0.5935. However, it hit a minor correction, resulting in a dip below $0.5850, retracting slightly further below the 23.6% Fibonacci retracement level from its recent $0.5602 low to its $0.8932 high.
The digital currency is now trading under the $0.5850 mark and its 100-hourly Simple Moving Average. A notable rising channel with support at $0.5765 is evident on the XRP/USD hourly chart, aligning with the 50% Fibonacci retracement level from the $0.5602 swing low to the $0.8932 high.
Resistance is expected near $0.5850, with significant barriers around $0.5920 and $0.600. If XRP can clear these levels, it might initiate a rally towards $0.6065, with further resistance expected around $0.6120. Continued gains could potentially propel XRP to $0.6250 or even $0.6320 in the near term.
Conversely, failure to surpass the $0.5850 resistance might trigger another decline. Initial support lies at $0.5765, followed by a more substantial level at $0.5680. A decisive break below $0.5680 could accelerate the decline, targeting near-term support at $0.5600, with an additional critical support level at $0.5500.
Technical indicators suggest bearish momentum; the hourly MACD for XRP/USD is gathering pace in the negative zone, and the RSI is currently positioned below the 50 level, reflecting the ongoing struggle against selling pressure. Major support for XRP is denoted at $0.5765 and $0.5600, while critical resistance points are identified at $0.5920 and $0.6000.
