Ripple’s Token Price Dips Again
After a recovery wave, Ripple’s XRP struggled to clear the $0.6650 resistance against the US Dollar. A high was formed near $0.6654 before the price started a fresh decline, similar to Bitcoin and Ethereum.
- The price is now trading below $0.65 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.628 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to decline if there is no move above $0.63 and $0.65.
More Losses in XRP?
If ripple fails to clear the $0.650 resistance zone, it could start another decline. Initial support on the downside is near the $0.620 zone and the 61.8% Fib retracement level of the upward move from the $0.5926 swing low to the $0.6654 high.
- The next major support is near $0.60.
- If there is a downside break and a close below the $0.60 level, XRP’s price could extend losses.
- In the stated case, the price could retest the $0.585 support zone.
Technical Indicators
- 4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
- Major Support Levels – $0.62, $0.60, and $0.585.
- Major Resistance Levels – $0.628, $0.650, and $0.665.
Hot Take: XRP Faces Resistance and Potential Further Decline
Ripple’s XRP is facing resistance at the $0.628 and $0.650 levels, and its failure to clear these resistance zones could lead to another decline. The current price is below the 100 simple moving average, indicating a bearish trend. If the price breaks below the $0.60 level, XRP could experience further losses and retest the $0.585 support zone. Technical indicators also suggest a bearish outlook for XRP, with the MACD in the bearish zone and the RSI below 50. Overall, the future looks challenging for XRP as it struggles to overcome resistance and avoid further decline.
By
By
By
By
By