XRP Price Near Crucial Juncture, Can Bulls Take A Stand?

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

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.

Disclaimer: This article is intended for educational purposes only and does not represent the views or opinions of NewsBTC regarding investment decisions. Trading and investing in cryptocurrencies carry risks and you should conduct your own research before making any investment decisions. All risks associated with investing are entirely your responsibility.