XRP's Potential Upswing: A Close Watch on Key Resistance Levels
XRP, the popular cryptocurrency, recently underwent a corrective dip, briefly falling to $0.572. As it recovers, market watchers are keenly observing whether it can break through the critical resistance at $0.642, potentially signaling a bullish trend.
XRP's Recent Market Movements
XRP experienced a downward trend, slipping below key levels of $0.650 and $0.620. The current trading is just below the $0.640 mark and the 100 simple moving average (SMA) on the 4-hour chart. A noteworthy development was the breaking of a significant bearish trend line near $0.608, sparking interest about a possible rally if XRP successfully surpasses the $0.642 resistance.
Support and Resistance: XRPâs Price Dynamics
After facing resistance near the $0.740 mark, XRP witnessed a downward trajectory, breaking past the support levels of $0.70 and $0.650. The decline continued below $0.60, underperforming compared to Bitcoin and Ethereum, until finding support at $0.572. Now, XRP is attempting a recovery, having breached the $0.600 resistance.
The price is currently testing the 23.6% Fibonacci retracement level from the recent swing high of $0.7499 to a low of $0.5723. The immediate resistance lies around $0.615, while the pivotal resistance is at $0.642, close to the 100 SMA and the 50% Fibonacci retracement level. A breakthrough above this resistance might trigger a sustained upward movement.
Further Resistances and Potential Downturn
Should XRP maintain its momentum and breach the $0.642 level, the next significant resistance awaits at $0.682. A successful move past this could lead to a rally towards $0.720, with the potential of extending to the $0.750 mark.
Downside Risks for XRP
Conversely, if XRP struggles to surpass the $0.642 resistance, it might face another dip. The initial support lies near $0.588, followed by a critical support at $0.572. A downward break and closure below this level could accelerate a decline, potentially testing the support zone around $0.540.
