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XRP price started a downside correction from the $0.7450 resistance. The bulls are now struggling to keep the price above the $0.5850 support zone.
- XRP started a fresh decline after it failed to clear the $0.7450 resistance.
- The price is now trading below $0.650 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance at $0.640 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh rally if there is a close above the $0.6650 resistance zone.
XRP Price Trims Gains
After a steady increase, XRP price struggled to extend gains above the $0.750 resistance. The price started a downside correction from the $0.7442 high, like Ethereum and Bitcoin.
There was a steady decline below the $0.700 and $0.665 support levels. The price even declined below the $0.600 support. A low was formed near $0.5874 and the price is now consolidating losses. There was a minor increase above the $0.620 level.
The price spiked above the 23.6% Fib retracement level of the downward move from the $0.7442 swing high to the $0.5874 low. However, the bears were active near $0.650. There is also a key bearish trend line forming with resistance at $0.640 on the 4-hour chart of the XRP/USD pair.
Ripple’s token price is now trading below $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.640 zone. The first key resistance is near $0.6650 or the 50% Fib retracement level of the downward move from the $0.7442 swing high to the $0.5874 low, above which the price could rise toward the $0.70 resistance.
Source: XRPUSD on TradingView.com
A close above the $0.70 resistance zone could spark a strong increase. The next key resistance is near $0.7450. If the bulls remain in action above the $0.7450 resistance level, there could be a rally toward the $0.800 resistance. Any more gains might send the price toward the $0.820 resistance.
More Losses?
If XRP fails to clear the $0.6650 resistance zone, it could start another decline. Initial support on the downside is near the $0.5980 zone.
The next major support is at $0.5850. If there is a downside break and a close below the $0.5850 level, the price might accelerate lower. In the stated case, the price could retest the $0.520 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5980, $0.5850, and $0.5200.
Major Resistance Levels – $0.640, $0.6650, and $0.700.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
