The #XRP price began a downward decline, reaching a support level around $0.572. The current price is experiencing an upward trend and has the potential to exhibit bullish momentum once surpassing the $0.642 threshold.
The XRP cryptocurrency began a downward reversal, breaching the levels of $0.650 and $0.620.
Currently, the price is being traded at a level lower than $0.640 and is also below the 100 simple moving average.
A significant breach occurred above a prominent downward trend line, which had a resistance level in the vicinity of $0.608, as shown on the four-hour chart of the XRP/USD currency pair.
The duo initiates a new upward movement after it successfully surpasses the resistance zone at $0.642.
The price of $XRP demonstrates resilience as it maintains a crucial level of support.
#Hold
After facing rejection near the $0.740 zone, XRP started a fresh decline. The price experienced a downward movement, breaching the support levels of $0.70 and $0.650. The price saw a decline below the support level of $0.60, displaying worse performance compared to Bitcoin and Ethereum.
Ultimately, the bullish sentiment became evident as the market participants exhibited a firm stance in the vicinity of $0.572. A trough was established in the vicinity of $0.572, and the price is currently endeavoring to initiate a new upward movement. A price movement occurred that surpassed the resistance level of $0.600. On the 4-hour chart of the XRP/USD pair, a significant negative trend line was breached, namely at a resistance level close to $0.608.
Currently, the price is undergoing a test of the 23.6% Fibonacci retracement level, which corresponds to the downward movement from the swing high of $0.7499 to the low of $0.5723. One positive aspect is that there is a nearby resistance level at about $0.615.
The initial significant level of resistance is observed in the vicinity of the $0.642 region, namely at the 100 simple moving average during a 4-hour timeframe. The current price is in proximity to the 50% Fibonacci retracement level, which corresponds to the downward movement from the swing high of $0.7499 to the low of $0.5723. A potential upward movement may be initiated if the price above the resistance level of $0.642.
The subsequent significant resistance level is approximately at $0.682. In the event that the bulls sustain their activity above the resistance level of $0.682, it is plausible that a rally towards the resistance level of $0.720 may occur. Further increases in value might potentially propel XRP towards the barrier level of $0.750.
Is there evidence of another decline?
In the event that XRP is unable to surpass the resistance level of $0.642, there is a possibility of initiating a new downward trend. The initial level of support on the downside may be observed in the vicinity of the $0.588 region.