XRP Price Consolidates Below $0.60: What’s Next for XRP?
XRP Price Struggles to Break Through Resistance
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XRP has been unable to overcome the $0.60 resistance, leading to a recent decline. The price is currently testing support at $0.5840, suggesting further consolidation in the near term. Despite a brief surge above $0.5920, the bears pushed XRP back below this level and the 100-hourly Simple Moving Average. This downward pressure is further evidenced by a connecting bearish trend line forming with resistance at $0.5880 on the hourly XRP/USD chart (data source from Kraken).
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A Bullish Breakout Is Possible
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To initiate a bullish trend, XRP needs to break through the resistance levels at $0.5920 and $0.600. A successful breakout above $0.5960 could send the price towards the $0.600 resistance. Continued momentum could propel XRP towards $0.6050 or even $0.6120.
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Potential for Further Losses
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If XRP fails to break above the $0.5880 resistance, it may experience further downward pressure. Initial support sits at $0.5820, followed by a more significant support level near $0.5800. This level corresponds to the 76.4% Fib retracement level of the recent upward move from $0.5744 to $0.5961. A break below $0.5800 could lead to further declines towards the $0.5740 support. Additional support can be found at $0.5650.
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Technical Indicators
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- Hourly MACD: The MACD for XRP/USD is currently gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD is below the 50 level, indicating potential for further downside.
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Key Levels to Watch
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- Major Support Levels: $0.5800, $0.5740
- Major Resistance Levels: $0.5880, $0.5960
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