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Home»EXCHANGE NEWS»When bulls lose control, short-term bears become attractive.
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When bulls lose control, short-term bears become attractive.

By Crypto FlexsMarch 6, 20243 Mins Read
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When bulls lose control, short-term bears become attractive.
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XRP price began a downward correction at the $0.6700 resistance. Bulls are currently active above $0.5400 and could target a fresh rally.

  • XRP started a new rise above the $0.600 resistance level.
  • The price is currently trading above $0.550 and the 100 simple moving average (4-hours).
  • A break occurred below the main ascending channel supporting $0.610 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • If the price closes above the $0.60 resistance zone, the pair could start a new rally.

Support for XRP price return

Over the past few days, the price of XRP has moved higher in the $0.550 area. There was movement above the $0.580 and $0.600 resistance levels. However, compared to Bitcoin or Ethereum, the upside potential was small.

The price rose above the resistance level of $0.650 before a downtrend occurred. A new multi-week high was formed near $0.6692 before the price plunged. A strong bearish wave was seen below the $0.620 support line. A break occurred below the main ascending channel with support at $0.610 on the 4-hours chart of the XRP/USD pair.

The pair even fell below the $0.600 level. A low was formed around $0.530 and the price is currently attempting a new rise. There was a move above the $0.560 level and the 23.6% Fib retracement level of the downside move from the $0.6692 swing high to the $0.530 low.

Ripple’s token price is currently trading above $0.550 and the 100 simple moving average (4-hours). On the upside, immediate resistance is near the $0.600 area or the 50% Fib retracement level of the downside move from the $0.6692 swing high to the $0.530 low.

The first major resistance is near $0.6240, a break above which could lead to an advance towards the $0.650 resistance line. A break above the $0.650 resistance could trigger a strong rally.

Source: XRPUSD on TradingView.com

The next major resistance is near $0.680. If the bulls continue to be active above the $0.680 resistance, there could be a rally towards the $0.7050 resistance. Any more profits could push the price towards the $0.7320 resistance.

Another decline?

If XRP fails to clear the $0.60 resistance area, another decline could begin. Initial support on the downside is near the $0.562 area.

The next major support is at $0.540 and connects the bullish trend line. A downward breakout and a close below the $0.540 level could push the price lower. As noted, the price may retest the $0.5120 support area.

technical indicators

4-Hour MACD – The MACD for XRP/USD is now losing speed in bullish territory.

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

Key support levels – $0.5620, $0.540 and $0.5120.

Key resistance levels – $0.600, $0.6240, $0.650.

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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