Ethereum

Resistance

Gains

XRP price started a downside correction from the $0.6220 zone. The price declined below $0.600 and now consolidating above the $0.580 support. 
<ul> 
 <li>XRP price started a downside correction below the $0.600 zone.</li> 
 <li>The price is now trading near $0.5950 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $0.600 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to rise if it clears the $0.600 resistance zone.</li> 
</ul> 
<h2 id="xrp-price-corrects-gains">XRP Price Corrects Gains</h2> 
XRP price extended its increase above the $0.600 resistance. However, it faced sellers near $0.6220 and recently started a downside correction like <a href="https://www.newsbtc.com/analysis/eth/ethereum-holding-pattern-3400/" target="_blank" rel="noopener ">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-65500/" target="_blank" rel="noopener ">Bitcoin</a>. There was a move below the $0.600 and $0.5950 levels. 
The price even tested $0.580. A low is formed at $0.5802 and the price is now rising. There was a move above the $0.590 level. The price climbed above the 23.6% Fib retracement level of the recent decline from the $0.6232 swing high to the $0.5802 low. 
The price is now trading near $0.5950 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price could face resistance near the $0.600 level. There is also a connecting bearish trend line forming with resistance at $0.600 on the hourly chart of the XRP/USD pair. 
The trend line is close to the 50% Fib retracement level of the recent decline from the $0.6232 swing high to the $0.5802 low. The first major resistance is near the $0.6050 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_6c84d1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631249 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_6c84d1.png?resize=1024%2C461" alt="XRP Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_6c84d1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_6c84d1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_6c84d1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_6c84d1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_6c84d1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_6c84d1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_6c84d1.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $0.6220. A clear move above the $0.6220 resistance might send the price toward the $0.6350 resistance. The next major resistance is near the $0.6500 level. Any more gains might send the price toward the $0.680 resistance. 
<h2 id="more-losses">More Losses?</h2> 
If XRP fails to clear the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.5850 level. The next major support is at $0.580. 
If there is a downside break and a close below the $0.580 level, the price might continue to decline toward the $0.550 support in the near term. 
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 – $0.5850 and $0.5800. 
Major Resistance Levels – $0.6000 and $0.6050.

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