📈 XRP Price Still Have A Chance For A Bullish Streak: Here’s How
📉 XRP Price Revisits Support
After a failed attempt to surpass the $0.6420 resistance, XRP faced a fresh decline below key levels, following the broader market trend seen in Bitcoin and Ethereum.
The price dropped below crucial supports at $0.6250 and $0.6200, signaling a bearish sentiment. It is currently trading below $0.6120 and the 100 simple moving average (4 hours).
Now, XRP is testing the $0.6020 support, alongside the 50% Fib retracement level of the recent upward move from the $0.5622 swing low to $0.6420 high. Additionally, a key bullish trend line is forming around the $0.6020 level on the 4-hour chart of XRP/USD.
📈 Immediate Resistance and Potential Upside
The immediate resistance is near $0.610 and the 100 simple moving average (4 hours), followed by a stronger resistance zone at $0.6220. A successful close above $0.6220 could trigger a notable uptick towards the key resistance at $0.6420.
If bulls sustain momentum above $0.6420, XRP might rally towards the $0.6620 and $0.700 resistance levels.
❗️ Possibility of Further Decline
Should XRP fail to clear the $0.6220 resistance, it could resume its decline. Initial support is anticipated around $0.6020 and the bullish trend line. A breakdown below these levels could pave the way for more losses towards the critical $0.580 support.
In a bearish scenario, if XRP closes below $0.580, the price might accelerate towards the $0.5450 support zone.
📊 Technical Indicators
The 4-hour MACD for XRP/USD is showing bearish momentum, while the 4-hour RSI is currently below the 50 level, indicating selling pressure.
Key Levels to Watch
Support: $0.6020, $0.580, $0.5450
Resistance: $0.610, $0.6220, $0.6420
