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.
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