• XRP price started a fresh decline from the $0.644 resistance against the US dollar.
• The price is now trading below $0.620 and the 55 simple moving average (4 hours).
• There is a key bearish trend line forming with resistance near $0.6125 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
• The pair could extend losses if it breaks the $0.584 support zone.

XRP price is struggling below $0.620 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.600 support in the near term.

XRP Price Analysis

In the past few hours, Ripple’s XRP price started a fresh decline from well above $0.640 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.635 level.

The bears were able to push the price below the $0.620 support. The pair broke the 61.8% Fib retracement level of the upward move from the $0.5934 swing low to the $0.6438 high. The price is now trading below $0.620 and the 55 simple moving average (4 hours).

Initial support on the downside is near $0.600. The next major support is near the $0.594 level. The main support sits at $0.584 or the 1.236 Fib extension level of the upward move from the $0.5934 swing low to the $0.6438 high.

Any more losses could lead the price toward the $0.550 level, below which the price might even test $0.535. On the upside, the price is facing resistance near $0.612. There is also a key bearish trend line forming with resistance near $0.6125 on the 4-hour chart of the XRP/USD pair.

The next major resistance is near the $0.632 level or the 55 simple moving average (4 hours). A clear move above $0.632 might start a fresh increase. In the stated case, the price could even surpass the $0.650 resistance. Any more gains might send the price toward the $0.682 resistance.

Looking at the chart, XRP price is now trading below the $0.620 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.584 support zone.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Key Support Levels – $0.600, $0.594, and $0.584.

Key Resistance Levels – $0.6125 and $0.6320.

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