XRP price began a downward correction at the $0.580 resistance. Unless the price closes below the $0.535 support line, the price could begin a new rally.
- XRP is struggling to clear the $0.5650 and $0.580 resistance levels.
- The price is currently trading above $0.535 and the 100 simple moving average (4-hours).
- There is a major bullish trendline with support at $0.5350 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- As long as the pair fails to close below the $0.535 support line, the pair could start a new rally.
XRP price falls to key support
Over the past few days, the XRP price has recovered higher in the $0.520 area. There was movement above the $0.535 and $0.550 resistance levels. However, bears remained active near the $0.580 resistance and protected further upsides such as Bitcoin and Ethereum.
A recent high was reached at $0.5792 before a downward correction. There was a move below the $0.550 level. The price tested up to $0.535 support. A low was formed near $0.5322 and the price is currently consolidating losses.
Ripple’s token price is currently trading above $0.535 and the 100 simple moving average (4-hours). There is also a major bullish trendline with support at $0.5350 on the 4-hours chart of the XRP/USD pair. On the other hand, immediate resistance is located near the $0.5550 area. This is close to the 50% Fib retracement level of the downward move from the $0.5793 swing high to the $0.5322 low.
The first major resistance is the 61.8% Fib retracement level near $0.5620 or a downward move from the $0.5793 swing high to the $0.5322 low, above which the price may rise towards the $0.580 resistance. A break above the $0.580 resistance could trigger a strong rally.
Source: XRPUSD on TradingView.com
The next major resistance is near $0.600. If the bulls continue to see activity above the $0.600 resistance, there could be a rally towards the $0.620 resistance. Any more profits could push the price towards the $0.650 resistance.
Another decline?
If XRP fails to clear the $0.5550 resistance area, another decline could begin. Initial support on the downside is near the $0.535 area and trendline.
The next major support is at $0.5220. A downward breakout and a close below the $0.5220 level could push the price lower. If indicated, the price could retest the $0.480 support.
technical indicators
4-Hour MACD – The MACD for XRP/USD is now losing speed in bearish territory.
4-Hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.535, $0.522, $0.480.
Key resistance levels – $0.555, $0.565, $0.580.
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