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.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.