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Home»EXCHANGE NEWS»XRP price maintains support – indicators show downside risks
EXCHANGE NEWS

XRP price maintains support – indicators show downside risks

By Crypto FlexsMarch 29, 20243 Mins Read
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XRP price maintains support – indicators show downside risks
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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.

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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