đ„đ„đ„ #XRPđ Price Near Crucial Juncture, Can #Bulls Take A Stand?
XRP's price is encountering resistance below the $0.620 mark, necessitating a maintenance of support at $0.5680 to entertain the possibility of a fresh uptrend in the short term.
Gradually, XRP is edging lower from the resistance zone around $0.6620. Currently, it trades beneath both the $0.620 level and the 100-period simple moving average on the 4-hour chart.
A significant bearish trend line is forming, with resistance at approximately $0.600, as observed in the XRP/USD pair's 4-hour chart sourced from Kraken.
During recent sessions, Ripple's token experienced a steady decline from levels comfortably above $0.650, breaching key supports at $0.620 and $0.605, akin to movements in Bitcoin and Ethereum.
After testing the support around $0.580, where a low was established near $0.5805, the price now consolidates its losses. Additionally, the bearish trend line serves as a critical resistance point, restraining any potential upward momentum.
Currently trading below $0.620 and the 100-period simple moving average on the 4-hour chart, XRP faces immediate resistance at around $0.600 and the aforementioned trend line. Close to this level lies the 23.6% Fibonacci retracement level of the downward swing from the $0.6625 high to the $0.5805 low.
Resistance near $0.620, linked to the 50% Fibonacci level, awaits, with a clear break above $0.6250 signaling a strong uptrend towards $0.6620. Failing to surpass $0.600 may trigger another decline, with support at $0.580 and a critical level at $0.5680. A close below this may accelerate towards $0.5250.
Analyzing indicators, the 4-hour MACD for XRP/USD indicates an increasing pace in the bearish zone, while the 4-hour RSI remains below the 50 level, suggesting prevailing downward pressure.
Key support levels to monitor include $0.580, $0.5680, and $0.5250, while resistance levels are situated at $0.600, $0.6250, and $0.6620.
Source - newsbtc.com
