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Ripple is struggling to clear the $0.5800 resistance against the US Dollar. XRP price is showing bearish signs and it could accelerate lower below $0.5420.
- Ripple topped just above the $0.6000 level before starting a fresh decline against the US dollar.
- The price is now trading well below the $0.5680 support and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $0.5800 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue lower if there is a clear break below $0.5500 and $0.5420.
Ripple Price is Showing Bearish Signs
In the past 2-3 sessions, there were bearish moves in bitcoin, Ethereum, and ripple against the US Dollar. XRP price formed a high near the $0.6059 before it started a fresh decline.
There was a clear break below the $0.5800 and $0.5750 support levels. There is also a key bearish trend line forming with resistance near $0.5800 on the hourly chart of the XRP/USD pair. The pair even traded below the $0.5650 support and settled well below the 100 hourly simple moving average.
It spiked below the 50% Fib retracement level of the upward move from the $0.5024 swing low to $0.6059 high. An immediate support on the downside is near the $0.550 level. The first key support is near the $0.5420 level. It is close to the 61.8% Fib retracement level of the upward move from the $0.5024 swing low to $0.6059 high.
Source: XRPUSD on TradingView.com
A successful close below the $0.5500 and $0.5420 support levels may perhaps start a fresh decline in the coming sessions. In the stated case, there is a risk of a drop towards the $0.5200 support or even $0.5100.
Upsides Capped in XRP?
If there is no downside break in ripple below the $0.5420 support, it could start a decent rise. An initial resistance on the upside is near the $0.5650 level. The first major resistance is near the $0.5720 level.
The main resistance is forming near the bearish trend line, $0.5800, and the 100 hourly simple moving average. A close above the $0.5800 level could start a strong increase towards the $0.6000 and $0.6120 levels in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Levels – $0.5500, $0.5420 and $0.5200.
Major Resistance Levels – $0.5650, $0.5700 and $0.5800.
