XRP Struggles to Overcome Resistance Levels
XRP is currently facing a significant obstacle near the $0.6580 mark, making it challenging for the cryptocurrency to gain bullish momentum. The price has dipped below $0.640 and is trading below the 100 simple moving average (4-hour), indicating a bearish trend. A key bearish trend line is forming with resistance around $0.640 on the 4-hour chart of the XRP/USD pair, sourced from Kraken.
XRP Price Faces Uphill Task
Following a period of decline, XRP found support near $0.5720 and initiated a fresh upward movement, similar to other major cryptocurrencies such as Bitcoin and Ethereum. The price surged above the $0.5880 and $0.600 resistance levels, clearing the way for further gains. Bulls managed to push the price above the $0.620 resistance zone, but encountered strong resistance near $0.640.
- The price surged above the $0.5880 and $0.600 resistance levels.
- The bulls pushed the price above the $0.620 resistance zone, but are met with resistance near $0.640.
New Supports and Resistance Levels
Currently, Ripple’s token price is trading above $0.6320 and the 100 simple moving average (4 hours), with immediate resistance near the $0.640 zone. Additionally, a key bearish trend line is forming with resistance around $0.640 on the 4-hour chart of the XRP/USD pair. The next crucial resistance level lies near $0.6580, near the 50% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5714 low. A breakthrough above this level could trigger a robust uptrend, aiming for the $0.700 resistance.
Potential Losses on the Horizon
If XRP fails to breach the $0.640 resistance zone, a downward trend might ensue. Initial support is expected near the $0.600 zone, followed by a major support level at $0.5720. Breaking below this level could lead to further decline, potentially testing the $0.5250 support zone.
Technical Indicators
Key technical indicators for XRP/USD include:
- 4-Hours MACD – The MACD has started to lose momentum in the bullish region.
- 4-Hours RSI (Relative Strength Index) – The RSI is currently above the 50 level, indicating a positive trend.
- Major Support Levels – $0.600, $0.5720, and $0.5250.
- Major Resistance Levels – $0.640, $0.6580, and $0.700.
Hot Take: Stay Alert for XRP’s Next Move
As XRP faces resistance near the $0.640 level, it is crucial to monitor its price action for potential breakout or breakdown scenarios. By observing key support and resistance levels, traders can better anticipate the cryptocurrency’s next move in the market.
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