Price Regains $0.60: Key Levels to Watch Moving Forward
XRP Price Analysis: Key Levels and Potential Corrections
XRP price has successfully extended its increase above the $0.600 resistance zone. Currently, the price is consolidating gains and may correct lower towards the $0.5850 support level.
Recent Price Movement
- Fresh Increase: XRP price initiated another rise above the $0.60 resistance zone.
- Current Trading: The price is trading above $0.5850 and the 100-hourly Simple Moving Average.
- Bullish Trend Line: A key bullish trend line is forming with support at $0.5820 on the hourly chart of the XRP/USD pair (data source from Kraken).
Resistance and Support Levels
Resistance:
- Immediate resistance is near the $0.620 level.
- The first major resistance is at $0.6350.
- The next key resistance is around $0.6420.
- A clear move above $0.6420 could push the price towards $0.650 and subsequently to $0.6550.
- Further gains might drive the price towards the $0.680 resistance level.
Support:
- Initial support on the downside is near the $0.600 level.
- The next major support is at $0.5850, aligning with the trend line and the 50% Fib retracement level of the upward move from the $0.5330 swing low to the $0.6374 high.
- If the price breaks below $0.5850, it could decline further towards the $0.550 support level.
Technical Indicators
- MACD: The MACD for XRP/USD is losing momentum in the bullish zone.
- RSI: The RSI for XRP/USD is below the 50 level, indicating potential bearish pressure.
Conclusion
While XRP price has cleared the $0.600 hurdle and is showing bullish signs, it is currently consolidating and may correct lower. The key support level to watch is $0.5850. If this level holds, bulls might regain strength and push the price higher.
Conversely, a break below $0.5850 could lead to a deeper correction towards $0.550. On the upside, breaking above $0.620 and $0.6350 could signal further gains towards higher resistance levels.
Source - newsbtc.com#BinanceTurns7 #US_Job_Market_Slowdown
