XRP price is struggling to clear the resistance at $0.6420. The price needs to remain above the $0.600 support for a fresh hike in the near term.
- XRP is slowly declining from the $0.6420 resistance zone.
- The price is currently trading below $0.6120 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the XRP/USD pair, there is a major bullish trendline forming around support at $0.6020 (data source from Kraken).
- The pair could gain bearish momentum if the price closes below the $0.600 support line.
Support for XRP price return
After a steady rise, XRP price struggled to clear the $0.6420 resistance. Like Bitcoin and Ethereum, it began a new downtrend below the $0.6250 support line.
There was a move below the $0.6200 support line. The price traded below the 23.6% Fib retracement level, rising from the $0.5622 swing low to the $0.6420 high. The price is currently trading below $0.6120 and the 100 simple moving average (4-hours).
It is testing the $0.6020 support and the 50% Fib retracement level from the $0.5622 swing low to the $0.6420 high. There is also a major bullish trendline with support at $0.6020 on the 4-hours chart of the XRP/USD pair.
Immediate resistance is located near the $0.610 level and the 100 simple moving average (4-hours). The next major resistance is near $0.6220. low. A break above the $0.6220 resistance could trigger a strong rally. The next major resistance is near $0.6420.
Source: XRPUSD on TradingView.com
If the bulls continue to be active above the $0.6420 resistance, there could be a rally towards the $0.6620 resistance. Any more profits could push the price towards the $0.700 resistance.
Are there more losses?
If XRP fails to clear the $0.6220 resistance area, another decline could begin. Initial support on the downside is near the $0.6020 area and trendline.
The next major support is at $0.580. A downward breakout and a close below the $0.580 level could push the price lower. If indicated, the price may retest the $0.5450 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 – $0.6020, $0.580 and $0.5450.
Key resistance levels – $0.610, $0.6220, $0.6420.
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.