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Home»EXCHANGE NEWS»XRP Price Near Critical Junction, Can Bulls Take A Position?
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XRP Price Near Critical Junction, Can Bulls Take A Position?

By Crypto FlexsApril 3, 20243 Mins Read
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XRP Price Near Critical Junction, Can Bulls Take A Position?
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XRP price is struggling below $0.620. The price needs to remain above the $0.5680 support to attempt a fresh rally in the near term.

  • XRP is slowly declining from the $0.6620 resistance zone.
  • The price is currently trading below $0.620 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 $0.600 (data source from Kraken).
  • A close below the $0.5680 support line could provide downward momentum.

XRP price faces many obstacles

Over the past few sessions, the price of XRP has been steadily declining well above the $0.650 level. Like Bitcoin and Ethereum, it fell below the support levels of $0.620 and $0.605.

The price tested $0.580 support. A low was formed near $0.5805 and the price is currently consolidating losses. There is also a major bearish trend line forming with resistance near $0.600 on the 4-hours chart of the XRP/USD pair.

Ripple’s token price is currently trading below $0.620 and the 100 simple moving average (4-hours). On the other hand, immediate resistance lies near the $0.600 area and trend line. The $0.6625 swing high to $0.5805 low is close to the 23.6% Fib retracement level of the bearish wave.

The next major resistance is near $0.620. The $0.6625 swing high to $0.5805 low is close to the 50% Fib retracement level of the bearish wave. A break above the $0.6250 resistance could trigger a strong rally. The next major resistance is near $0.6620.

Source: XRPUSD on TradingView.com

If the bulls continue to be active above the $0.6620 resistance, there could be a rally towards the $0.680 resistance. Any more profits could push the price towards the $0.700 resistance.

Are there more losses?

If XRP fails to clear the $0.600 resistance area, another decline could begin. Initial support on the downside is near the $0.580 area.

The next major support is at $0.5680. A downward breakout and a close below the $0.5680 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 pacing in bearish territory.

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

Key support levels – $0.580, $0.5680 and $0.5250.

Key resistance levels – $0.600, $0.6250, $0.6620.

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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