XRP Price Corrects Lower
XRP has experienced a downside correction, falling below key support levels at $0.638 and $0.612. The price is currently trading below $0.625 and the 100 simple moving average (4 hours). On the 4-hour chart, there is a significant declining channel forming with resistance near $0.622 for the XRP/USD pair.
XRP Price Turns Red
Over the past few days, XRP has seen a steady decline from the $0.740 zone, underperforming Bitcoin and Ethereum. It broke below the $0.685 and $0.638 support levels, as well as the $0.612 support level. Although there was a recovery wave from $0.572, the bears were active near $0.638, resulting in a lower movement.
The price fell below the 50% Fib retracement level of the upward move from the swing low of $0.5723 to the high of $0.6385.
XRP is currently trading below $0.625 and the 100 simple moving average (4 hours). There is also a key declining channel with resistance near $0.622 on the 4-hour chart.
On the upside, immediate resistance is near the $0.615 level, followed by major resistance at $0.622 or the 100 simple moving average (4 hours) or the upper zone of the channel.
More Downsides?
If XRP fails to clear the resistance zone at $0.622, it could initiate a fresh decline. The initial support on the downside is near $0.588, followed by major support at $0.572.
If there is a downside break and a close below the $0.572 level, XRP price may accelerate lower and retest the support zone at $0.540.
Technical indicators show that the MACD for XRP/USD on the 4-hour chart is in the bearish zone, while the RSI (Relative Strength Index) is below 50.
Hot Take: XRP Faces Resistance at $0.622
XRP is currently undergoing a downside correction, trading below key support levels and facing resistance at $0.622. If the resistance is cleared, it could spark a steady increase towards higher resistance levels at $0.638 and potentially even $0.700. However, if XRP fails to overcome the resistance at $0.622, it may experience further downsides with support levels at $0.588 and $0.572. Traders should closely monitor these key levels to assess future price movements.
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