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.
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