XRP Shows Signs of Recovery
After experiencing a significant drop, XRP has found support around the $0.580 level and has started to gradually rise. Although it hasn’t gained as much momentum as Bitcoin and Ethereum, there has been a break above a major bearish trend line with resistance near $0.610. The price is currently trading below $0.630 and the 100 simple moving average (4 hours).
Resistance Levels to Watch
The immediate resistance for XRP is at the $0.630 zone, which is close to the 50% Fib retracement level of its recent drop. If the price manages to clear this level, it could spark a strong increase, with the next key resistance near $0.672. Further gains might lead to a rally towards the $0.700 and $0.720 resistance levels.
Possible Downside Scenario
If XRP fails to surpass the $0.630 resistance zone, it could potentially initiate another decline. The initial support on the downside is around the $0.606 level, followed by a major support at $0.600. If the price breaks below this level and closes below it, XRP may see further downward pressure and retest the $0.578 support zone.
Technical Indicators
The MACD indicator for XRP/USD on the 4-hour chart is currently showing signs of losing pace in the bearish zone, while the RSI is above the 50 level.
Hot Take: XRP Struggles to Gain Momentum
XRP is slowly recovering from its recent drop but is facing challenges in gaining significant momentum compared to other cryptocurrencies like Bitcoin and Ethereum. The price needs to break above key resistance levels at $0.630 and $0.640 to start a fresh rally. Failure to do so could result in another decline, with initial support at $0.606 and major support at $0.600. The technical indicators show mixed signals, with the MACD losing pace in the bearish zone and the RSI above 50. Overall, XRP’s price movement remains uncertain at this point.
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