🔥🔥🔥 #Xrp🔥🔥 Price Reaches Support: Will It Trigger a Turnaround?

XRP Price Tests Key Support, Eyes Fresh Upside

XRP's price began a downward correction after facing resistance near $0.6480. Currently, the price is testing the $0.550 support level and may be poised for a fresh increase.

- XRP's price corrected lower from the $0.620 and $0.600 levels.

- The price is now trading below $0.600 and the 100-hour Simple Moving Average (SMA).

- A key bearish trend line with resistance at $0.5750 is forming on the hourly chart of the XRP/USD pair (data source from Kraken).

- The pair could start a new increase if it clears the $0.580 resistance zone.

XRP Price Finds Support

XRP's price struggled to maintain gains above the $0.6450 and $0.650 levels, prompting a downward correction below $0.600, mirroring similar moves in Ethereum and Bitcoin.

XRP dipped below $0.5850 and $0.580, breaking the 50% Fibonacci retracement from $0.4925 to $0.6475. Bullish activity is seen near $0.5500, with the 61.8% Fibonacci retracement providing support. XRP is currently trading below $0.600 and the 100-hourly SMA.

Key Resistance Levels

XRP faces resistance at $0.570, with significant barriers at $0.5750 and $0.580. A move above $0.580 could push the price toward $0.5950, with potential gains up to $0.620 and possibly $0.650 in the near term.

Potential Downside Risks

If XRP fails to break above the $0.580 resistance zone, it may continue to decline. The initial support on the downside is near $0.5520, followed by the major support at $0.550.

A downside break and close below the $0.550 level could lead to further declines, with the price potentially testing the $0.5320 support. The next significant support is at $0.5250.

Technical Indicators

- Hourly MACD: The MACD for XRP/USD is gaining momentum in the #BEARISH📉 zone.

- Hourly RSI: The RSI for XRP/USD is below the 50 level.

- Major Support Levels: $0.5550 and $0.5500.

- Major Resistance Levels: $0.5750 and $0.5800.

Source - newsbtc.com

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