XRP Price on the Brink: Will It Survive and Start a Fresh Rise?

XRP price failed to break above the $0.5850 resistance zone. The price fell and is now showing some bearish signs below the $0.5750 level.

XRP price is struggling to break above $0.5850.
The price is currently trading below $0.5750 and the 100-hour basic moving average.
On the hourly chart of the XRP/USD pair, there was a breakout of a key uptrend channel with support at $0.5745 (data source: Kraken).
The pair could start a modern uptrend if it breaks through the resistance zone at USD 0.580.

XRP price falls to support

The price of XRP remained stable near the $0.5650 level and tried to make more gains. However, it failed to break through the $0.5850 resistance and began another decline, similar to Bitcoin and Ethereum.

There was a move below the $0.580 and $0.5750 levels. The price fell below the 23.6% Fibonacci retracement level of the upside from the $0.5457 swing low to the $0.5835 high. Additionally, there was a breakout of a key upside channel with support at $0.5745 on the hourly chart of the XRP/USD pair.

The price is now trading below $0.5750 and the 100-hour basic moving average. It holds the 50% Fibonacci retracement level of the upside move from the $0.5457 swing low to the $0.5835 high.

On the other hand, the price is facing obstacles near the $0.5750 level. The first major resistance is near the $0.580 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance could take the price towards the $0.60 resistance. The next major resistance is near the $0.6150 level. Any further gains could take the price towards the $0.6250 resistance or even $0.6320 in the near future.

More losses?

If XRP fails to break through the $0.580 resistance zone, it could begin another decline. Initial support on the downside is near the $0.5650 level. The next major support is at the $0.560 level.

If it breaks and closes below $0.5600, the price could continue to decline towards the $0.550 support in the near future. The next major support is at $0.5350.

Technical indicators

Hourly MACD – The MACD for the XRP/USD pair is currently losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for the XRP/USD pair is currently below the 50 level.

Major support levels – USD 0.5600 and USD 0.5550.

Major resistance levels – USD 0.5800 and USD 0.5850.