XRP Price Trapped In Consolidation: Will Bulls Break Free?

XRP price again struggled to clear the $0.600 resistance and declined. The price is now testing the $0.5840 support and might continue to consolidate. XRP price is still struggling to clear the $0.600 resistance zone. The price is now trading below $0.5920 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $0.5880 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase if it clears the $0.5920 and $0.600 resistance levels. XRP Price Stuck Below $0.60 XRP price attempted another increase (like Bitcoin and Ethereum) above the $0.5850 and $0.5880 resistance levels. It even spiked above $0.5920, but the bears were active near the $0.5960 level. A high was formed at $0.5961 and the price started a downside correction. There was a move below the $0.5920 and $0.5880 levels. The price dipped below the 50% Fib retracement level of the upward move from the $0.5744 swing low to the $0.5961 high. The price is now trading below $0.5920 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5880 level. There is also a connecting bearish trend line forming with resistance at $0.5880 on the hourly chart of the XRP/USD pair. The first major resistance is near the $0.5920 level. The next key resistance could be $0.5960. A clear move above the $0.5960 resistance might send the price toward the $0.600 resistance. Any more gains might send the price toward the $0.6050 resistance or even $0.6120 in the near term. More Losses? If XRP fails to clear the $0.5880 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5820 level. The next major support is near the $0.5800 level and the 76.4% Fib retracement level of the upward move from the $0.5744 swing low to the $0.5961 high. If there is a downside break and a close below the $0.5800 level, the price might continue to decline toward the $0.5740 support in the near term. The next major support sits at $0.5650. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5800 and $0.5740. Major Resistance Levels – $0.5880 and $0.5960.