XRP Attempts Fresh Increase from Support Level
XRP price experienced a significant decline below the $0.550 level, dropping below $0.500 and even reaching as low as $0.4541. However, the price has started to move higher, following the trend of Bitcoin and Ethereum.
The bears managed to clear the 61.8% Fib retracement level, but XRP is still trading below $0.5950 and the 100 simple moving average (4 hours).
Resistance Levels for XRP Price
The immediate resistance for XRP is around the $0.595 zone or the 76.4% Fib retracement level. The first key resistance lies at $0.600 and $0.608, where a crucial bearish trend line is forming on the 4-hour chart of the XRP/USD pair.
A close above the $0.6080 resistance zone could trigger a strong increase, with the next significant resistance at $0.640. If the bulls continue their momentum above this level, there might be a rally towards the $0.670 and even $0.700 resistances.
Potential for Another Drop
If XRP fails to surpass the $0.608 resistance zone, it could face a fresh decline. The initial support on the downside is at around $0.550, followed by a major support level at $0.520.
In case of a downside break and a close below $0.520, XRP price might experience an acceleration in its downward movement, potentially retesting the $0.500 support zone.
Technical Indicators
The MACD for XRP/USD is currently gaining pace in the bullish zone on the 4-hour chart, while the RSI is above the 50 level.
Disclaimer: The information provided here does not constitute investment advice or financial advice. Always do your own research and conduct due diligence before making any investment decisions. All investments involve risks.
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