XRP Price Shows Signs of Recovery
After a significant surge, XRP encountered resistance near the $0.700 level. As a result, the price experienced a major decline, falling below the $0.650 support level, similar to Bitcoin and Ethereum.
On the 4-hour chart of the XRP/USD pair, there was a break below a key bullish trend line with support around $0.628. The pair also dropped below the $0.612 support level before finding a low near $0.6010. However, XRP is now attempting to recover.
The price managed to surpass the $0.612 resistance level but is currently trading below $0.625 and the 100 simple moving average (4 hours). Immediate resistance is located around the $0.625 zone, which aligns with the 23.6% Fib retracement level from the swing high of $0.7000 to the swing low of $0.6010.
The next significant resistance is near $0.628, and if XRP can close above this level, it could trigger a steady increase. The following key resistance is at $0.650 or the 50% Fib retracement level of the main decline from the swing high of $0.720 to the swing low of $0.5720.
Possible Downside Scenario
If XRP fails to break above the $0.625 resistance zone, it may experience another decline. The initial support on the downside is around the $0.612 level.
The next major support lies at $0.600, and if there is a break below this level accompanied by a close below it, XRP’s price could drop further and retest the $0.572 support zone.
Technical indicators show that the MACD for XRP/USD on the 4-hour chart is currently in the bearish zone, and the RSI is below the 50 level.
Support Levels: $0.612, $0.600, $0.572
Resistance Levels: $0.625, $0.628, $0.650
Hot Take: XRP Aims for Recovery but Faces Resistance
After facing resistance near $0.700, XRP’s price has entered a downward trend. However, there are signs of a possible recovery as it attempts to surpass key resistance levels. If XRP manages to break above the $0.625 and $0.628 levels, it could experience a steady increase and potentially rally towards the $0.700 resistance level. On the other hand, failure to surpass the resistance zone may lead to another decline, with support levels at $0.612 and $0.600.
By
By
By
By