XRP price is maintaining an upward trend above the $0.60 area. The price may gain bearish momentum if it closes below the $0.570 support zone.
- XRP faces a major obstacle near $0.6580.
- The price is currently trading below $0.640 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 with resistance near $0.640 (data source from Kraken).
- A close below the $0.5720 support line could provide downward momentum.
XRP price faces an uphill climb
XRP price, which showed a steady decline, found support near the $0.5720 level. A low was formed at $0.5714 and the price began a new rise, similar to Bitcoin and Ethereum.
There was movement above the $0.5880 and $0.600 resistance levels. Price cleared the 23.6% Fib retracement level of the bearish wave from the $0.7442 swing high to the $0.5714 low. Bulls have pushed the price above the $0.620 resistance zone, but bears are active near $0.640.
Ripple’s token price is currently trading above $0.6320 and the 100 simple moving average (4-hours). Meanwhile, immediate resistance is located near $0.640. There is also a major bearish trend line forming on the 4-hours chart of the XRP/USD pair with resistance near $0.640.
The next major resistance is near $0.6580. The swing high of $0.7442 to the low of $0.5714 is close to the 50% Fib retracement level of the bearish wave. A break above the $0.6580 resistance could trigger a strong rally. The next major resistance is near $0.700. If the bulls continue to be active above the $0.700 resistance, there could be a rally towards the $0.7440 resistance. Any more profits could push the price towards the $0.800 resistance.
Are there more losses?
If XRP fails to clear the $0.640 resistance area, another decline could begin. Initial support on the downside is near the $0.600 area.
The next major support is at $0.5720. A downward breakout and a close below the $0.5720 level could push the price lower. If indicated, the price may retest the $0.5250 support area.
technical indicators
4-Hour MACD – The MACD for XRP/USD is now losing speed in bullish territory.
4-Hour Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.600, $0.5720 and $0.5250.
Key resistance levels – $0.640, $0.6580 and $0.700.
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