Ripple price is struggling below $0.6000 against the US Dollar, similar to bitcoin. XRP price must clear $0.6000 to start a fresh recovery wave in the near term.
Ripple Price Analysis
After struggling to clear $0.6600, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.6200 support level to enter a bearish zone.
The price even broke the $0.6000 support and the 55 simple moving average (4-hours). It even spiked below the $0.5800 level and traded as low as $0.5600. It is now correcting losses and trading above the $0.5650 level.
On the upside, the price is facing resistance near the $0.5820 zone. It is near the 23.6% Fib retracement level of the recent drop from the $0.6564 swing high to $0.5600 low. The next major resistance is near the $0.6000 level and the 55 simple moving average (4-hours).
There is also a major bearish trend line forming with resistance near $0.6000 on the 4-hours chart of the XRP/USD pair. The 50% Fib retracement level of the recent drop from the $0.6564 swing high to $0.5600 low is also near $0.6080.
A clear move above the $0.6000 and $0.6080 levels might send the price towards the $0.6320 level. Any more gains could lead the price towards the $0.6550 level.
An initial support on the downside is near the $0.5600 level. The next main support is near the $0.5500 zone. Any more losses could lead the price towards the $0.5250 level in the near term, below which the price might even test $0.5000.
Looking at the chart, ripple price is now trading below $0.6000 and the 55 simple moving average (4-hours). Overall, the price could extend declines if there is a clear move below the $0.550 support zone.
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.5600, $0.5500 and $0.5000.
Key Resistance Levels – $0.6000 and $0.6320.
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