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Tuesday, February 18, 2025
HomeAnalysisXRP Price Consolidates Below $0.60, Risk of Further Losses if Support is...

XRP Price Consolidates Below $0.60, Risk of Further Losses if Support is Broken

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The XRP price has been consolidating below the $0.60 barrier, with the price currently trading below $0.5750 and the 100-hourly Simple Moving Average. The price has been in a tight range, with the 23.6% Fib retracement level of the recent decline from the $0.5767 swing high to the $0.5567 low providing support.

The price has attempted to recover, but has been unable to break above the $0.5750 resistance zone. The next key resistance is near the $0.570 level, which is also a connecting bearish trend line forming on the hourly chart of the XRP/USD pair.

If the price fails to clear the $0.570 resistance zone, it could start another decline. Initial support on the downside is near the $0.560 level, with the next major support at $0.5550. A close below the $0.5550 level could lead to further losses, potentially targeting the $0.5320 support in the near term.

On the upside, the price might face resistance near the $0.5680 level, with the first major resistance at $0.570. A clear move above the $0.5750 resistance might send the price toward the $0.5850 resistance, with the next major resistance at $0.6020.

Technical indicators are bearish, with the MACD losing pace in the bearish zone and the RSI below the 50 level.

Key Takeaways:

  • XRP price consolidates below $0.60, with the price trading below $0.5750 and the 100-hourly Simple Moving Average.
  • The price has been in a tight range, with the 23.6% Fib retracement level of the recent decline providing support.
  • The next key resistance is near the $0.570 level, with the price facing resistance at $0.5750.
  • A close below the $0.5550 level could lead to further losses, potentially targeting the $0.5320 support.
  • Technical indicators are bearish, with the MACD losing pace in the bearish zone and the RSI below the 50 level.

Source: NEWSBTC

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