XRP Price Holds Support – Indicators Show Risk of Downside Break

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XRP price is holding gains above the $0.60 zone. The price could gain bearish momentum if there is a close below the $0.570 support zone.

  • XRP is facing a major hurdle near the $0.6580 zone.
  • The price is now trading below $0.640 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.640 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bearish momentum if there is a close below the $0.5720 support.

XRP Price Faces Uphill Task

After a steady decline, XRP price found support near the $0.5720 level. A low was formed at $0.5714 and the price started a fresh increase, like Bitcoin and Ethereum.

There was a move above the $0.5880 and $0.600 resistance levels. The price cleared the 23.6% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5714 low. The bulls pushed the price above the $0.620 resistance zone, but the bears are active near $0.640.

Ripple’s token price is now trading above $0.6320 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.640 zone. There is also a key bearish trend line forming with resistance near $0.640 on the 4-hour chart of the XRP/USD pair.

XRP Price

The next key resistance is near $0.6580. It is close to the 50% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5714 low. A close above the $0.6580 resistance zone could spark a strong increase. The next key resistance is near $0.700. If the bulls remain in action above the $0.700 resistance level, there could be a rally toward the $0.7440 resistance. Any more gains might send the price toward the $0.800 resistance.

More Losses?

If XRP fails to clear the $0.640 resistance zone, it could start another decline. Initial support on the downside is near the $0.600 zone.

The next major support is at $0.5720. If there is a downside break and a close below the $0.5720 level, the price might accelerate lower. In the stated case, the price could retest the $0.5250 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.600, $0.5720, and $0.5250.

Major Resistance Levels – $0.640, $0.6580, and $0.700.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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