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.
- 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
After a steady increase, XRP price struggled to clear the $0.6420 resistance. It started a fresh decline below the $0.6250 support, like Bitcoin and Ethereum.
There was a move below the $0.6200 support. The price traded below the 23.6% Fib retracement level of the upward move from the $0.5622 swing low to the $0.6420 high. The price is now trading below $0.6120 and the 100 simple moving average (4 hours).
It is testing the $0.6020 support and the 50% Fib retracement level of the upward move from the $0.5622 swing low to the $0.6420 high. There is also a key bullish trend line forming with support at $0.6020 on the 4-hour chart of the XRP/USD pair.
Immediate resistance is near the $0.610 level and the 100 simple moving average (4 hours). The next key resistance is near $0.6220. low. A close above the $0.6220 resistance zone could spark a strong increase. The next key resistance is near $0.6420.
Source: XRPUSD on TradingView.com
If the bulls remain in action above the $0.6420 resistance level, there could be a rally toward the $0.6620 resistance. Any more gains might send the price toward the $0.700 resistance.
More Losses?
If XRP fails to clear the $0.6220 resistance zone, it could start another decline. Initial support on the downside is near the $0.6020 zone and the trend line.
The next major support is at $0.580. If there is a downside break and a close below the $0.580 level, the price might accelerate lower. In the stated case, the price could retest the $0.5450 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 – $0.6020, $0.580, and $0.5450.
Major Resistance Levels – $0.610, $0.6220, and $0.6420.
