Ripple’s token price is consolidating above $0.620 against the US Dollar. If XRP price breaks out of $0.650 clearly, the price could start a significant increase.

Ripple’s token price declined from the $0.6650 resistance against the US Dollar.

The price is currently trading below $0.65 and the 100 simple moving average (4-hours).

There is a key bearish trend line in place with resistance near $0.628 on the 4-hours chart of the XRP/USD pair (data source from Kraken).

The pair is likely to continue to decline if there is no breakout above $0.63 and $0.65.

Ripple’s token price drops again

After a wave of recovery, Ripple’s XRP struggled to break out of the $0.6650 resistance level against the US dollar. A high was formed near $0.6654 before the price started a fresh decline, similar to bitcoin and Ethereum.

The price action settled below the $0.650 pivot level. The price declined below the 50% Fib retracement level of the upward move from the $0.5926 swing low to $0.6654 high. The price even declined below the $0.635 support area.

XRP is currently trading below $0.65 and the 100 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $0.628 on the 4-hours chart of the XRP/USD pair.

An initial resistance on the upside is near the $0.628 area and the trend line. The next major resistance is near the $0.650 level and the 100 simple moving average (4-hours). The main resistance is currently formed near the $0.6650 area.

A successful break above the $0.6650 resistance might push the price towards the $0.70 resistance. Any further gains might entail a test of the $0.720 resistance.

XRP Losing More?

If Ripple fails to break out of the $0.650 resistance zone, it could start another decline. An initial support on the downside is near the $0.620 area and the 61.8% Fib retracement level of the upward move from the $0.5926 swing low to $0.6654 high.

The next major support is near the $0.60 level. If there is a downside break and close below $0.60, the price of XRP could extend its losses. In the mentioned case, the price could retest the $0.585 support area.

Technical indicators

4 hours MACD – The MACD for XRP/USD is currently losing speed in the bearish zone.

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

Major Support Levels – $0.62, $0.60, and $0.585.

Major Resistance Levels – $0.628, $0.650, and $0.665.