XRP price is maintaining gains above the $0.60 zone. The price may gain bearish momentum if there is a close below the $0.570 support zone.
- XRP is facing a major hurdle near the $0.6580 zone.
- The price is now trading below $0.640 and the 100 simple moving average (4-hours).
- There is a bearish trend line forming with resistance near $0.640 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bearish momentum if there is a close below the $0.5720 support.
XRP Price Faces Upward Task
After a steady decline, XRP price found support near the $0.5720 level. A low was formed at $0.5714 and the price began a further increase, as Bitcoin It is Ethereum.
There was a move above the $0.5880 and $0.600 resistance levels. The price surpassed the 23.6% Fibonacci retracement level of the descending wave from the high of $0.7442 to the low of $0.5714. Bulls have pushed the price above the $0.620 resistance zone, but bears are active near $0.640.
Ripple token price is now trading above $0.6320 and the 100 simple moving average (4-hours). On the upside, immediate resistance is near the $0.640 zone. There is also a bearish trend line forming with resistance near $0.640 on the 4-hour chart of the XRP/USD pair.
The next key resistance is near $0.6580. It is close to the 50% Fibonacci retracement level of the descending wave from the high of $0.7442 to the low of $0.5714. A close above the $0.6580 resistance zone could trigger a strong rally. The next key resistance is near $0.700. If the bulls remain in action above the $0.700 resistance level, there could be a rally towards the $0.7440 resistance. Any further gains could send the price towards the $0.800 resistance.
More losses?
If XRP fails to break above the $0.640 resistance zone, it could begin another decline. Initial negative support is near the $0.600 zone.
The next major support is at $0.5720. If there is a downside breakout and a close below the $0.5720 level, the price could accelerate lower. In the stated case, the price could retest the $0.5250 support zone.
Technical Indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.600, $0.5720 and $0.5250.
Main resistance levels – $0.640, $0.6580 and $0.700.
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