Key Takeaways:
XRP price failed to settle above $0.640 and trimmed all gains.
A key rising channel is forming with support at $0.5120 on the daily chart.
The price could struggle to recover above the $0.5800 resistance.
XRP price prediction
XRP is consolidating losses near the $0.540 zone. The price might recover toward the 50-day simple moving average (blue) or $0.600.
XRP Price Fails Once Again
Recently, XRP price gained bullish momentum after it broke the $0.5800 resistance zone and the 50-day simple moving average (blue). The bulls pumped the price above the $0.6200 resistance, beating Bitcoin and Ethereum.
The price even spiked above $0.650 but the bears were active near $0.6600. There was no follow-through, and the price reacted to the downside. There was a sharp decline below the $0.620 and $0.600 support levels. The price even declined below $0.550 and settled below the 50-day simple moving average (blue).
XRP price daily chart | Source: TradingView.com
XRP price tested the $0.5080 support zone. A low was formed at $0.5086 and the price is now consolidating losses. There was a minor recovery wave above the $0.5250 level.
The price is now testing the 23.6% Fib retracement level of the recent decline from the $0.6660 swing high to the $0.5086 low. The current price action suggests that the price might aim for a recovery wave.
Immediate resistance is near the $0.550 level. A close above the $0.550 resistance could open the doors for a decent upward move. The next key barrier sits near the 50-day simple moving average (blue) at $0.5750 or the 50% Fib retracement level of the recent decline from the $0.6660 swing high to the $0.5086 low at $0.5850.
A convincing move and close above the $0.5850 resistance zone could send the price toward the $0.6250 level. Any more gains might open the doors for a test of $0.650. A weekly close above $0.650 and $0.660 is a must for a sustained upward move.
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More Downsides?
Conversely, the XRP price might fail to clear the $0.550 resistance zone and react to the downside. Immediate support is near the $0.5150 level, and the first major support is near $0.5120. On the daily chart, a key rising channel is also forming with support at $0.5120.
A downside break below the $0.5120 support might call for a drop toward the $0.500 support. The next major support is seen near the $0.4500 level, below which the price could test $0.4320 support. Any more losses might send the price toward the $0.4050 level or even $0.400.
Overall, XRP price is still struggling to start a sustained upward move above $0.600. If the bulls continue to struggle, there could be a major decline below $0.50 in the coming days.
The post XRP Price Stumbles Again: Is a Recovery Still Possible? appeared first on CoinChapter.
