XRP Price Approaching Critical Point, Will Bulls Prevail?
The XRP price is currently facing a challenging situation below $0.620. To initiate a potential upward movement, the price must hold above the $0.5680 support level in the short term.
- Currently, XRP is gradually declining from the resistance zone around $0.6620.
- It is now trading below $0.620 and the 100 simple moving average (4-hour chart).
- A significant bearish trend line is forming, indicating resistance near $0.600 on the 4-hour chart of the XRP/USD pair (data sourced from Kraken).
- If the price closes below the $0.5680 support level, it might lead to increased bearish momentum.
XRP Price Confronts Multiple Barriers
Over the past few trading sessions, the XRP price witnessed a gradual decline from above $0.650, similar to Bitcoin and Ethereum. It dropped below the $0.620 and $0.605 support levels.
The price then tested the $0.580 support level. Eventually, it reached a low point near $0.5805 and is currently consolidating the losses. On the 4-hour chart of the XRP/USD pair, a significant bearish trend line is forming near $0.600.
Presently, Ripple’s token price is trading below $0.620 and the 100 simple moving average (4-hour chart). On the upside, immediate resistance lies near the $0.600 zone and the trend line, closely aligned with the 23.6% Fibonacci retracement level of the downward wave from the $0.6625 swing high to the $0.5805 low.
The following crucial resistance level is around $0.620, in close proximity to the 50% Fibonacci retracement level of the downward wave from the $0.6625 swing high to the $0.5805 low. A breakout above the $0.6250 resistance zone could potentially trigger a significant rise, with the next major resistance near $0.6620.
Source: XRPUSD on TradingView.com
If the bulls manage to sustain their strength above the $0.6620 resistance level, it could lead to a rally towards the $0.680 resistance. Further gains might propel the price towards the $0.700 resistance.
Will the Downtrend Continue?
If XRP fails to overcome the $0.600 resistance zone, it might undergo another decline. Initial support on the downside is near the $0.580 level.
The next crucial support lies at $0.5680. A downside break and close below the $0.5680 level could accelerate the price’s downward momentum. In such a scenario, the price may retest the $0.5250 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is currently gaining momentum within the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.580, $0.5680, and $0.5250.
Major Resistance Levels – $0.600, $0.6250, and $0.6620.