๐๐๐ $XRP Price Still Have A Chance For A #bullish Streak: Hereโs How
XRP is encountering resistance near the $0.6420 mark, struggling to surpass it. To maintain upward momentum, the price needs to remain above the $0.600 support level.
XRP is declining from the $0.6420 resistance, trading below $0.6120 and the 100 SMA (4 hours). A vital bullish trend line is forming around $0.6020 on the 4-hour chart from Kraken. A close below $0.600 support could signal bearish momentum.
XRP Price's Recent Movements:
- Despite a steady uptrend, XRP faced difficulty surpassing the $0.6420 resistance. Subsequently, it initiated a decline, similar to #Bitcoin and #Ethereum , slipping below the $0.6200 support level.
- The price dropped below $0.6120 and the 23.6% Fibonacci retracement level of the upward swing from the $0.5622 low to the $0.6420 high.
- Currently, it's testing the $0.6020 support zone, along with the 50% Fibonacci retracement level of the mentioned upward swing.
- On the upside, immediate resistance lies near $0.610 and the 100 simple moving average (4 hours), followed by a significant barrier at $0.6220.
- A breakthrough above the $0.6220 resistance area might ignite a substantial surge, with the next significant hurdle at $0.6420. A successful breach of this level could propel XRP towards the $0.6620 resistance and potentially even reach $0.700.
Potential Declines:
- Failure to surpass the $0.6220 resistance zone might initiate another downtrend. Initial support is expected around $0.6020 and the trend line.
- Further downside, if witnessed, could lead to a major support level near $0.580. A close below this level might accelerate losses, potentially revisiting the $0.5450 support zone.
Technical Indicators:
- The 4-hour MACD for XRP/USD is displaying bearish momentum.
- The 4-hour RSI for XRP/USD is currently below the 50 level.
Key Support Levels:
- $0.6020, $0.580, $0.5450
Key Resistance Levels:
- $0.610, $0.6220, $0.6420
Source - newsbtc.com