Ripple price is struggling to recover above $0.6000 against the US Dollar, similar to bitcoin. XRP price could extend losses below $0.5500 and $0.5000 in the near term.
Ripple Price Analysis
Recently, there was a fresh dip in ripple price below the $0.6120 support against the US Dollar. The XRP/USD pair even broke the $0.6000 support zone to move further into a bearish zone.
The price is now trading well below the $0.6000 resistance and the 55 simple moving average (4-hours). A low was formed near $0.5642 and the price is now consolidating losses. It made an attempt to surpass the $0.5850 and $0.5950 resistance levels.
It even spiked above the 50% Fib retracement level of the recent decline from the $0.6176 high to $0.5642 low. However, the price failed to clear the $0.6000 resistance zone.
The pair topped near the 61.8% Fib retracement level of the recent decline from the $0.6176 high to $0.5642 low. There is also a major declining channel forming with resistance near $0.5900 on the 4-hours chart of the XRP/USD pair.
To move into a bullish zone, the pair must break the $0.6000 resistance zone. The next major resistance is near the $0.6200 level and the 55 simple moving average (4-hours).
On the downside, the $0.5750 level is a decent support. The first major support is near the $0.5500 level. If there is a clear break below the $0.5500 level, the price could see an increase in selling pressure. In the stated case, the price is likely to decline towards the $0.5000 level.
Looking at the chart, ripple price is clearly facing hurdles near $0.6200 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if it clears the $0.6000 and $0.6200 resistance levels.
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 now just below the 50 level.
Key Support Levels – $0.575, $0.550 and $0.500.
Key Resistance Levels – $0.600 and $0.620.
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