Near the $0.6580 zone, $XRP is encountering a significant obstacle.
The price has dropped below $0.640 and the 100 SMA.
A bearish trend line is starting to take shape on the 4-hour chart of the XRP/USD pair, with resistance located at $0.640.
If the pair closes below the $0.5720 support level, negative momentum might be gained.
The Price of #XRP Is Challenging
The price of XRP recovered from its recent slump and is now trading at the $0.5720 mark. Similar to Bitcoin and Ethereum, a new uptrend began when the price hit a low of $0.5714.
Resistance levels of $0.600 and $0.5880 were overcome. After falling from a high of $0.7442 to a low of $0.5714, the price broke through the 23.6% Fibonacci retracement line. As of late, bears have been aggressive at $0.640, but bulls have managed to push prices over the $0.620 resistance zone.
The price will face further significant resistance close to $0.6580. From the $0.7442 swing high to the $0.5714 low, there was a falling wave, and we are approaching the 50% Fibonacci retracement level. If the price can close over the $0.6580 resistance zone, it may trigger a significant surge. Close to $0.700 lies the next important barrier. A possible rally into the $0.7440 barrier level is possible if the bulls maintain their movement above the $0.700 level of resistance. The $0.800 resistance level may be reached if the stock makes any more increases.
Falling Profits?
An more drop can occur if XRP is unable to break through the $0.640 barrier level. The $0.600 area provides first support for the downside.
You may find significant support at $0.5720. Price decline acceleration is possible in the event of a negative breach and a closing below the $0.5720 mark. Given the circumstances, it is possible for the price to revisit the $0.5250 support area.
The relative strength index (RSI) for XRP/USD over the last four hours has risen over the 50 mark.
Important Levels of Support—$0.5250, $0.5720, and $0.600.
Important Levels of Resistance - $0.640, $0.6580, and $0.700.
