XRP price started a downside correction from the USD 0.6700 resistance. The bulls are now active above $0.5400 and may be aiming for another rise.
- XRP started a fresh rise above the USD 0.600 resistance level.
- The price is now trading above USD 0.550 and the 100 simple moving average (4 hours).
- There was a break below a key ascending channel with support at $0.610 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair could start another rally if there is a close above the $0.60 resistance zone.
Support for XRP price revisions
In recent days, XRP price climbed higher from the $0.550 zone. There was a move above the USD 0.580 and USD 0.600 resistance levels. However, the advantage was less compared to Bitcoin and Ethereum.
The price even climbed above the USD 0.650 resistance before the bears appeared. A new multi-week high formed near $0.6692 before the price fell. There was a strong bearish wave below the USD 0.620 support. There was a break below a key ascending channel with support at $0.610 on the 4-hour chart of the XRP/USD pair.
The pair even dipped below the $0.600 level. A low was formed near USD 0.530 and the price is now trying to make a new rise. There was a move above the $0.560 level and the 23.6% Fib retracement level of the downward move from the $0.6692 swing high to the $0.530 low.
Ripple’s token price is now trading above $0.550 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.600 zone or the 50% Fib retracement level of the downward move from the $0.6692 swing high to the $0.530 low.
The first major resistance is near USD 0.6240, above which the price could rise towards the USD 0.650 resistance. A close above the USD 0.650 resistance zone could lead to a strong rise.
Source: XRPUSD on TradingView.com
The next major resistance is near USD 0.680. If the bulls continue to act above the USD 0.680 resistance level, a rally towards the USD 0.7050 resistance could take place. Any further gains could send the price towards the USD 0.7320 resistance.
Another drop?
If XRP fails to break the USD 0.60 resistance zone, it could trigger another decline. The initial downside support is near the $0.562 zone.
The next major support is at $0.540 and a connecting bullish trendline. If there is a downside break and a close below the USD 0.540 level, the price could accelerate lower. In the mentioned case, the price could retest the USD 0.5120 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $0.5620, $0.540 and $0.5120.
Major resistance levels – $0.600, $0.6240 and $0.650.
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