XRP price is struggling to clear the $0.6420 resistance. The price must stay above the $0.600 support to attempt a fresh increase in the near term.
- XRP is slowly moving lower from the $0.6420 resistance zone.
- The price is now trading below $0.6120 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $0.6020 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bearish momentum if there is a close below the $0.600 support.
XRP Price Revisits Support
After a steady increase, XRP price struggled to clear the $0.6420 resistance. It started a fresh decline below the $0.6250 support, like Bitcoin and Ethereum.
There was a move below the $0.6200 support. The price traded below the 23.6% Fib retracement level of the upward move from the $0.5622 swing low to the $0.6420 high. The price is now 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 of the upward move from the $0.5622 swing low to the $0.6420 high. There is also a key bullish trend line forming with support at $0.6020 on the 4-hour chart of the XRP/USD pair.
Immediate resistance is near the $0.610 level and the 100 simple moving average (4 hours). The next key resistance is near $0.6220. low. A close above the $0.6220 resistance zone could spark a strong increase. The next key resistance is near $0.6420.
Source: XRPUSD on TradingView.com
If the bulls remain in action above the $0.6420 resistance level, there could be a rally toward the $0.6620 resistance. Any more gains might send the price toward the $0.700 resistance.
More Losses?
If XRP fails to clear the $0.6220 resistance zone, it could start another decline. Initial support on the downside is near the $0.6020 zone and the trend line.
The next major support is at $0.580. If there is a downside break and a close below the $0.580 level, the price might accelerate lower. In the stated case, the price could retest the $0.5450 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.6020, $0.580, and $0.5450.
Major Resistance Levels – $0.610, $0.6220, and $0.6420.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Credit: Source link