XRP Price Faces Resistance and Begins a Downward Correction
After attempting to break above the $0.7450 resistance level, XRP price has started to decline. The price is now trading below $0.650 and the 100 simple moving average (4 hours). A key bearish trend line is forming with resistance at $0.640 on the 4-hour chart of the XRP/USD pair.
XRP Price Trims Gains
XRP price experienced a steady increase but struggled to surpass the $0.750 resistance level. Similar to Ethereum and Bitcoin, the price began a downside correction from its high of $0.7442.
The price steadily declined below the $0.700 and $0.665 support levels, even dropping below the $0.600 support level. It reached a low point near $0.5874 before consolidating losses. Although there was a minor increase above the $0.620 level, bears became active near $0.650.
A key bearish trend line is forming with resistance at $0.640 on the 4-hour chart of the XRP/USD pair, indicating that the price is now trading below both $0.620 and the 100 simple moving average (4 hours).
Possible Rally if Key Resistance Is Broken
To trigger a potential rally, XRP price needs to close above the $0.6650 resistance zone. The immediate resistance is near the $0.640 zone, followed by a key resistance at $0.6650 or the 50% Fib retracement level from the high of $0.7442 to the low of $0.5874.
If these resistances are surpassed, it could lead to a rise towards the $0.70 resistance level. A close above the $0.70 resistance zone could potentially spark a strong increase, with the next key resistance at $0.7450. Further gains may push the price towards the $0.800 and $0.820 resistance levels.
Potential for More Losses
If XRP fails to break above the $0.6650 resistance zone, it could face further decline. The initial support on the downside is near the $0.5980 level, followed by major support at $0.5850.
A downside break and close below the $0.5850 level could accelerate the price’s decline, potentially retesting the $0.520 support zone.
Technical Indicators
- 4-Hours MACD – The MACD for XRP/USD is now indicating bearish momentum.
- 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 50 level.
Summary
XRP price has faced resistance and has begun a downward correction after failing to break above the $0.7450 level. It is currently trading below $0.650 and the 100 simple moving average (4 hours). A key bearish trend line is forming with resistance at $0.640 on the 4-hour chart of the XRP/USD pair.
If XRP price manages to close above the $0.6650 resistance zone, it could potentially trigger a rally towards higher resistance levels at $0.700, $0.7450, $0.800, and even $0.820. However, if it fails to surpass this resistance zone, there is a possibility of further losses with support levels at $0.5980, $0.5850, and $0.5200.
Hot Take: XRP Faces Resistance and Struggles to Sustain Gains
XRP price has encountered resistance and is currently undergoing a downward correction. It failed to break above the $0.7450 level and is now trading below $0.650 and the 100 simple moving average (4 hours). A key bearish trend line is forming with resistance at $0.640 on the 4-hour chart of the XRP/USD pair.
If XRP price manages to overcome the resistance zone at $0.6650, it could potentially initiate a rally towards higher resistance levels, offering an opportunity for gains. However, if it fails to break above this zone, there is a possibility of further losses with support levels at $0.5980, $0.5850, and $0.5200.
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