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.
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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
Following a consistent upward trend, the price of XRP had difficulty surpassing the $0.6420 barrier. Subsequently, it began to drop below the $0.6250 support level, similar to Bitcoin and Ethereum.
The price dipped below the $0.62 support level and dropped beneath the 23.6% Fibonacci retracement mark of the recent uptrend from $0.5622 to $0.6420. Currently, it is trading under $0.6120 and falls short of the 100-simple moving average on the 4-hour chart.
The XRP/USD pair is currently testing both the $0.6020 support and the 50% Fibonacci retracement level, which marks halfway points in the upward price movement from the swing low at $0.5622 to the high at $0.6420. Additionally, a significant bullish trend line is emerging on the 4-hour chart, providing extra support at the $0.6020 level.
Close by, at around $0.610 and the 4-hour 100 SMA, there’s strong opposition to price advancement. Moving forward, $0.6220 serves as a significant barrier for any upward trend, surmounting which could trigger substantial growth. Another notable resistance lies at $0.6420.
Should the bulls continue to push the price above the $0.6420 barrier, we may witness a surge in value up to the $0.6620 resistance. Further progress could potentially take us to the $0.700 resistance level.
More Losses?
If XRP is unable to surpass the $0.6220 barrier, there’s a risk of another price drop. The floor in this potential downtrend can be found around the $0.6020 mark and the trendline.
If the price falls and breaks below the $0.58 support level, there is a possibility for a quicker decline. In such a scenario, the price may touch the support zone at $0.5450 once again.
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.
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2024-04-10 07:52