XRP price is consolidating above the $0.5400 level. It must clear the $0.5520 and $0.5600 resistance levels to start a recovery wave.
The price is struggling to gain pace for a move above the $0.5550 zone and is now trading below $0.550 and the 100-hourly Simple Moving Average.
There’s a connecting bearish trend line with resistance at $0.550 on the hourly chart of the XRP/USD pair. The pair could decline again if it fails to clear $0.5520 and $0.5600.
XRP faces resistance below $0.5650 like Bitcoin and Ethereum. After retesting the $0.540 support zone, there was a minor increase above $0.5420, surpassing the 23.6% Fib retracement level of the downward move from $0.5647 swing high to $0.5400 low.
Bears are active near the $0.550 and $0.5520 levels. First major resistance is at $0.5550, the next is at $0.5600, with possible gains toward $0.5650 and $0.5720. Breaking these could lead to a price move toward $0.5880 or $0.600 in the near term.
If XRP fails to clear the $0.5550 resistance zone, it could decline. Initial downside support is near $0.5420, then $0.5400. Breaking below $0.5400 could lead to a decline toward $0.5320 and $0.5250.
Technical indicators: Hourly MACD for XRP/USD is losing pace in the bearish zone, and the hourly RSI is now below the 50 level. Major support levels are $0.5400 and $0.5320, while resistance levels are $0.5500 and $0.5600.
