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Home»BITCOIN NEWS»Can the Bulls defend this key support?
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Can the Bulls defend this key support?

By Crypto FlexsMarch 19, 20243 Mins Read
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Can the Bulls defend this key support?
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XRP price began a downward correction at the $0.7450 resistance. Bulls are now struggling to keep the price above the $0.5850 support.

  • XRP began a new downtrend after failing to clear resistance at $0.7450.
  • The price is currently trading below $0.650 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the XRP/USD pair, there is a major bearish trendline forming at resistance $0.640 (data source from Kraken).
  • A close above the $0.6650 resistance zone could trigger a new rally for the pair.

XRP Price Trim Profit

After a steady rise, XRP price struggled to rise above the $0.750 resistance. The price started a downward 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 fell below the $0.600 support. A low was formed near $0.5874 and the price is currently consolidating losses. There was a slight increase above the $0.620 level.

The price surged above the 23.6% Fib retracement level moving down from the $0.7442 swing high to the $0.5874 low. However, the bears remained active near $0.650. Additionally, on the 4-hours chart of the XRP/USD pair, there is a major bearish trendline with resistance forming at $0.640.

Ripple’s token price is currently trading below $0.620 and the 100 simple moving average (4-hours). Meanwhile, immediate resistance is located near $0.640. The first major resistance is the 50% Fib retracement level near $0.6650 or a downward move from the $0.7442 swing high to the $0.5874 low, above which the price may rise towards the $0.70 resistance.

Source: XRPUSD on TradingView.com

A break above the $0.70 resistance could trigger a strong rally. The next major resistance is near $0.7450. If the bulls continue to be active above the $0.7450 resistance, there could be a rally towards the $0.800 resistance. Any more profits could push the price towards the $0.820 resistance.

Are there more losses?

If XRP fails to clear the $0.6650 resistance area, another decline could begin. Initial support on the downside is near the $0.5980 area.

The next major support is at $0.5850. A downward breakout and a close below the $0.5850 level could push the price lower. If indicated, the price could retest the $0.520 support zone.

technical indicators

4-Hour MACD – The MACD for XRP/USD is now pacing in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Key support levels – $0.5980, $0.5850 and $0.5200.

Key resistance levels – $0.640, $0.6650, $0.700.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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