XRP price is holding gains above the $0.60 zone. The price could gain bearish momentum if there is a close below the $0.570 support zone.
- XRP is facing a major hurdle near the $0.6580 zone.
- The price is now trading below $0.640 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near $0.640 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair could gain bearish momentum if there is a close below the $0.5720 support.
XRP price faces an uphill task
After a steady decline, XRP price found support near the $0.5720 level. A low was formed at $0.5714 and the price started to rise again, just like Bitcoin and Ethereum.
There was a move above the USD 0.5880 and USD 0.600 resistance levels. The price cleared the 23.6% Fib retracement level of the downwave from the $0.7442 swing high to the $0.5714 low. The bulls pushed the price above the USD 0.620 resistance zone, but the bears are active near USD 0.640.
Ripple’s token price is now trading above $0.6320 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.640 zone. There is also a major bearish trendline forming with resistance near $0.640 on the 4-hour chart of the XRP/USD pair.
The next major resistance is near $0.6580. It is close to the 50% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5714 low. A close above the resistance zone at $0.6580 could lead to a strong upside. The next major resistance is near USD 0.700. If the bulls continue to act above the USD 0.700 resistance level, a rally towards the USD 0.7440 resistance could take place. Any further gains could send the price towards the USD 0.800 resistance.
Lose more?
If XRP fails to break the USD 0.640 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.600 zone.
The next major support is at $0.5720. If there is a downside break and a close below the USD 0.5720 level, the price could accelerate lower. In the said case, the price could retest the USD 0.5250 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 above the 50 level.
Major support levels – USD 0.600, USD 0.5720 and USD 0.5250.
Major resistance levels – $0.640, $0.6580 and $0.700.
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