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XRP price is holding above the $0.5920 level. The price may start rising again if it breaks the resistance area at $0.6050.
- XRP price is looking for a fresh increase from the $0.5920 level.
- The price is now trading below the $0.600 level and the 100-hour simple moving average.
- There is a connected bearish trend line forming with resistance at 0.6020 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may start a new rise if it breaks the $0.6050 resistance zone.
XRP price targets rise
XRP price tried to rise again above the $0.6150 level. The price managed to surpass the $0.6180 and $0.6220 resistance levels. However, the gains were limited above $0.630 unlike Bitcoin and Ethereum.
The price traded at $0.6306 and pared most of the gains. It traded at $0.5925 and is now consolidating losses. There was a slight rise above the $0.5950 level. However, the price is now trading below the $0.600 level and the 100-hour simple moving average.
If a fresh rally occurs, the price could face resistance near the $0.60 level. A bearish trend line is also forming with resistance at $0.6020 on the hourly chart of the XRP/USD pair. It is close to the 23.6% Fib retracement level of the downside move from the $0.6306 swing high to $0.5925 swing low.
The first major resistance is near the $0.6050 level. The next major resistance could be at the $0.6160 level or the 61.8% Fib retracement level of the downside move from the $0.6306 swing high to $0.5925 low.
A clear move above the $0.6160 resistance could push the price towards the $0.630 resistance level. The next major resistance is near the $0.6350 level. Any further gains could push the price towards the $0.6550 resistance level or even $0.6880 in the near term.
Are there more negatives?
If XRP fails to clear the $0.6050 resistance area, it could decline again. The initial support on the downside is near the $0.5920 level. The next major support is at $0.5880.
If there is a bearish break and the price closes below $0.5880, the price could continue to decline towards the $0.5650 support level in the near term. The next major support level is at $0.5550.
Technical indicators
Hourly MACD – The MACD indicator for XRP/USD is now losing momentum in the bearish zone.
Hourly Relative Strength Index (RSI) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.5920 and $0.5850.
Key resistance levels – $0.6050 and $0.6160.
