The Ups and Downs of XRP Price: Will it Clear the Resistance Zone?

The Ups and Downs of XRP Price: Will it Clear the Resistance Zone?

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.


Articles You May Like

Cryptocurrency Market Trends: A Critical Analysis
Evaluating the Current State of Top Cryptocurrencies: Ethereum, Ripple, Cardano, Dogecoin, and Polkadot
The Shift Away from NFTs: Major Retailers in South Korea React
The Evolution of Investor Behavior in the Bitcoin Market

Leave a Reply

Your email address will not be published. Required fields are marked *