LIVEđ NewsBTC Analytics: $XRP Price Faces Many Hurdles
In the past few sessions, XRP price saw a steady decline from well above the $0.650 level. There was a drop below the $0.620 and $0.605 support levels, like Bitcoin and Ethereum.
The price tested the $0.580 support. A low was formed near $0.5805 and the price is now consolidating losses. There is also a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair.
Rippleâs token price is now trading below $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.600 zone and the trend line. It is close to the 23.6% Fib retracement level of the downward wave from the $0.6625 swing high to the $0.5805 low.
The next key resistance is near $0.620. It is close to the 50% Fib retracement level of the downward wave from the $0.6625 swing high to the $0.5805 low. A close above the $0.6250 resistance zone could spark a strong increase. The next key resistance is near $0.6620.
If the bulls remain in action above the $0.6620 resistance level, there could be a rally toward the $0.680 resistance. Any more gains might send the price toward the $0.700 resistance.
If XRP fails to clear the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.580 zone.
The next major support is at $0.5680. If there is a downside break and a close below the $0.5680 level, the price might accelerate lower. In the stated case, the price could retest the $0.5250 support zone.
