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

XRP’s price is having difficulty surpassing the $0.620 mark. In order for it to make a new upward move soon, it’s essential that the price remains above the $0.5680 support level.

    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

Over the last several trading sessions, XRP‘s value experienced a continuous downtrend, dropping significantly from above $0.65. The price fell beneath the $0.62 and $0.605 thresholds, similar to 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.

The price of Ripple‘s token is currently lower than $0.620 and the 4-hour simple moving average. Looking at potential resistance levels, the token could face pushback around the $0.600 mark, as well as the trend line and the 23.6% Fibonacci retracement level. This level represents approximately a quarter of the distance between the swing high of $0.6625 and the low of $0.5805.

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.

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

Should the bulls continue to push the price above the $0.6620 barrier, we may witness a surge towards the next resistance at $0.680. Further advancements could potentially propel the price further up to the resistance at $0.700.

More Losses?

If XRP is unable to surpass the $0.600 resistance level, there’s a risk of another price drop. The bottom support lies around the $0.580 mark.

If the price falls and breaks below $0.5680, it may lead to a faster decline. In such a scenario, the price could revisit the support area around $0.5250.

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.

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2024-04-03 07:34