XRP Struggles to Clear Resistance Levels
XRP is facing challenges in surpassing the $0.588 and $0.600 resistance levels. Currently, the price is trading below $0.5920 and the 100 simple moving average (4 hours). On the 4-hour chart of the XRP/USD pair, there is a significant bearish trend line forming with resistance near $0.600.
XRP Price Aims Higher
Following a decent recovery wave, XRP price managed to settle above the $0.5640 pivot level. It formed a base around $0.5460 and entered a consolidation phase, unlike Bitcoin and Ethereum.
Although there was a slight increase above the $0.570 resistance zone, bears became active near the $0.5880 resistance zone. The price faced rejection near the 50% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.
Currently, the price is trading below $0.5920 and the 100 simple moving average (4 hours). The immediate resistance lies near the $0.588 zone.
There is a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair. This trend line coincides with the 61.8% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low.
Source: XRPUSD on TradingView.com
A close above the $0.600 resistance zone could trigger a strong increase. The next key resistance level is around $0.625, and if the bulls maintain control above this level, a rally towards the $0.665 and $0.700 resistance levels may occur.
Downside Break?
If XRP fails to break the $0.600 resistance zone, it might experience a fresh decline. Initial support on the downside is found near the $0.5450 zone.
The next major support level is at $0.5220. A downside break and close below this level could accelerate XRP’s decline, potentially retesting the $0.4850 support zone.
Technical Indicators
The MACD for XRP/USD on the 4-hour chart is currently losing pace in the bullish zone. The RSI for XRP/USD is below the 50 level.
Major Support Levels – $0.5450, $0.5220, and $0.4850.
Major Resistance Levels – $0.5880, $0.600, and $0.6250.
Hot Take: XRP Faces Resistance at Key Levels
XRP is struggling to surpass key resistance levels at $0.588 and $0.600, hindering its upward momentum. While it has managed to settle above the pivot level of $0.564, further progress has been impeded by bears near the 50% Fib retracement level of its recent decline from a swing high of $0.6238 to a low of $0.5545.
To regain bullish momentum, XRP needs to close above the crucial resistance zone of $0.600, which could trigger a substantial increase. However, if it fails to do so, XRP might experience a downside break, with initial support at $0.5450 and a major support level at $0.5220.
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