After facing rejection near the $0.740 zone, XRP started a fresh decline. There was a move below the $0.70 and $0.650 support levels. The price even dived below the $0.60 support, underperforming Bitcoin and Ethereum. Finally, the bulls took a stand near $0.572.
XRP is now attempting a fresh increase, with a move above the $0.600 resistance. Furthermore, there was a break above a major bearish trend line with resistance near $0.608 on the 4-hour chart of the XRP/USD pair. The price is now testing the 23.6% Fib retracement level of the downward move from the $0.7499 swing high to the $0.5723 low.
On the upside, immediate resistance is near the $0.615 level, followed by the first major resistance near the $0.642 zone or the 100 simple moving average (4 hours). It is worth noting that this resistance level is also close to the 50% Fib retracement level. A close above the $0.642 resistance zone could potentially spark a steady increase.
The next key resistance is near $0.682. If the bulls remain in action above the $0.682 resistance level, there could be a rally towards the $0.720 resistance. Any further gains might send XRP toward the $0.750 resistance.
However, if XRP fails to clear the $0.642 resistance zone, it could initiate a fresh decline. The initial support on the downside is near the $0.588 zone, followed by the next major support level at $0.572. In the event of a downside break and a close below the $0.572 level, XRP’s price might accelerate lower, potentially retesting the $0.540 support zone.
The 4-hour MACD for XRP/USD is currently gaining pace in the bullish zone, indicating a potential upward movement. Additionally, the 4-hour RSI (Relative Strength Index) for XRP/USD is just above the 50 level, suggesting a slight bullish momentum.
The recent downside correction in XRP’s price has led to a test of the $0.572 support level. However, the cryptocurrency is currently showing signs of a fresh increase, with the potential for a bullish rally if it clears the resistance zone around $0.642. On the other hand, failure to overcome this hurdle may result in a new decline and retest of lower support levels. Traders and investors are advised to closely monitor the price action and key resistance levels as they make their trading decisions.
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