XRP price faced resistance above the $0.600 zone and has now retraced to consolidate near the $0.570 level. Despite attempting to break through the $0.60 resistance, XRP price has dipped below $0.600 and the 100-hourly Simple Moving Average.
A short-term rising channel with support at $0.590 was breached on the hourly chart of the XRP/USD pair, indicating a potential recovery wave if the resistance at $0.5770 is surpassed.
The recent price drop suggests a lack of momentum to push XRP above the $0.60 level, aligning with similar downtrends seen in Bitcoin and Ethereum. As the price hovers near $0.570, further downside could lead to support levels at $0.560 and $0.5550, with a possible drop to $0.5320 if the $0.5550 level is breached.
Technical indicators like the MACD and RSI are showing bearish signals, highlighting the current downward pressure on XRP price. Major resistance levels are at $0.5885 and $0.6000, while support levels are at $0.5620 and $0.5550.
In the event of a bullish breakout above $0.60, XRP price could target resistances at $0.6050, $0.6160, and even climb towards $0.6250 or $0.6320 in the near term. Monitoring key levels and indicators is crucial for traders navigating the volatile XRP market.
