- XRP price started a downside correction below the $0.565 zone against the US dollar.
- The price is now trading above $0.540 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.5440 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase above the $0.565 resistance.
XRP price is consolidating near $0.550 against the US Dollar, like Bitcoin. It must stay above the $0.532 support to start a fresh increase.
XRP Price Analysis
This past week, XRP price made another attempt to clear the $0.600 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.585 and started a downside correction.
There was a move below the $0.572 and $0.565 support levels. However, the bulls were active above the $0.532 support. A low has formed near $0.5316 and the price is now consolidating losses. XRP is now trading above $0.540 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near $0.5585. It is also near the 50% Fib retracement level of the downward move from the $0.5859 swing high to the $0.5316 low.
The next major resistance is near the $0.565 level or the 61.8% Fib retracement level of the downward move from the $0.5859 swing high to the $0.5316 low. The first major resistance is near the $0.565 zone. A clear move above the $0.565 resistance zone might start a strong increase.
In the stated case, the price could even surpass the $0.600 zone and test $0.620. Any more gains might send the price toward the $0.65 resistance.
Initial support on the downside is near the $0.5440 level. There is also a key bullish trend line forming with support near $0.5440 on the 4-hour chart of the XRP/USD pair. The next major support is near the $0.532 level. Any more losses could lead the price toward the $0.52 level, below which the price might even test the $0.505 support zone in the near term.
Looking at the chart, XRP price is now trading above the $0.540 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.565 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.544, $0.532, and $0.520.
Key Resistance Levels – $0.565 and $0.585.
