XRP price recently struggled near $0.6375, leading to a correction. The price is currently around $0.540 and might remain stable unless it falls below $0.520.
The XRP price started a downside correction from the $0.6375 zone. It is now trading below $0.580 and the 100-hourly Simple Moving Average. There was a break below a connecting bullish trend line with support at $0.580 on the hourly chart of the XRP/USD pair. The pair could see more losses if it moves below $0.540 and $0.520.
XRP Price Takes a Hit
XRP struggled to maintain its upward trajectory above the $0.6375 resistance zone, initiating a decline. The price fell below the $0.620 and $0.600 support levels, similar to Ethereum and Bitcoin. There was a break below a connecting bullish trend line with support at $0.580 on the hourly chart. The pair even dropped below the $0.5650 support and the 100-hourly Simple Moving Average. A low formed at $0.5404, with the price now consolidating losses.
XRP is trading below $0.600 and the 100-hourly Simple Moving Average. If the price makes an upward move, it could face resistance near the $0.5640 level and the 23.6% Fib retracement level of the recent decline from the $0.6374 swing high to the $0.5404 low.
Potential Resistance Levels
The first major resistance is near the $0.5850 level or the 50% Fib retracement level of the recent decline from $0.6374 to $0.5404. The next key resistance could be $0.600. A clear move above $0.600 might send the price towards $0.620. The next major resistance is near $0.6375, with further gains possibly pushing the price towards $0.650.
Possible Downside Risks
If XRP fails to clear the $0.5850 resistance zone, it could continue to move downward. The initial support on the downside is near the $0.540 level, with the next major support at $0.520. A break and close below $0.520 could lead to further declines towards the $0.50 support in the near term.
Technical Indicators
The hourly MACD for XRP/USD is gaining pace in the bearish zone. The hourly RSI (Relative Strength Index) for XRP/USD is below the 50 level.
Support Levels: $0.540 and $0.520
Resistance Levels: $0.5850 and $0.600
