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.
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