XRP Price Near Crucial Juncture, Can Bulls Take A Stand?

XRP price is struggling below $0.620. The price must stay above the $0.5680 support to attempt a fresh increase in the near term.

  • XRP is slowly moving lower from the $0.6620 resistance zone.
  • The price is now trading below $0.620 and the 100 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $0.600 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 $0.5680 support.

XRP Price Faces Many Hurdles

In the past few sessions, XRP price saw a steady decline from well above the $0.650 level. There was a drop below the $0.620 and $0.605 support levels, like Bitcoin and Ethereum.

The price tested the $0.580 support. A low was formed near $0.5805 and the price is now consolidating losses. There is also a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair.

Ripple’s token price is now trading below $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.600 zone and the trend line. It is close to the 23.6% Fib retracement level of the downward wave from the $0.6625 swing high to the $0.5805 low.

The next key resistance is near $0.620. It is close to the 50% Fib retracement level of the downward wave from the $0.6625 swing high to the $0.5805 low. A close above the $0.6250 resistance zone could spark a strong increase. The next key resistance is near $0.6620.

Source: XRPUSD on TradingView.com

If the bulls remain in action above the $0.6620 resistance level, there could be a rally toward the $0.680 resistance. Any more gains might send the price toward the $0.700 resistance.

More Losses?

If XRP fails to clear the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.580 zone.

The next major support is at $0.5680. If there is a downside break and a close below the $0.5680 level, the price might accelerate lower. In the stated case, the price could retest the $0.5250 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 – $0.580, $0.5680, and $0.5250.

Major Resistance Levels – $0.600, $0.6250, and $0.6620.

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.

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