The XRP price is struggling below $0.620. The price needs to remain above the USD 0.5680 support to attempt a new increase in the near term.
- XRP is slowly declining from the USD 0.6620 resistance zone.
- The price is now trading below $0.620 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near $0.600 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 $0.5680 support.
XRP price is facing many hurdles
Over the past few sessions, XRP price saw a steady decline from well above the USD 0.650 level. There was a decline below the USD 0.620 and USD 0.605 support levels, like Bitcoin and Ethereum.
The price tested the support at $0.580. A low was formed near USD 0.5805 and the price is now consolidating losses. There is also a major bearish trendline forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair.
Ripple’s token price is now trading below $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.600 zone and the trendline. It is close to the 23.6% Fib retracement level of the downward wave from the $0.6625 swing high to the $0.5805 low.
The next major resistance is near USD 0.620. It is close to the 50% Fib retracement level of the downward wave from the $0.6625 swing high to the $0.5805 low. A close above the $0.6250 resistance zone could lead to a strong upside. The next major resistance is near $0.6620.
Source: XRPUSD on TradingView.com
If the bulls continue to act above the resistance level at $0.6620, a rally towards the resistance at $0.680 could take place. Any further gains could send the price towards the USD 0.700 resistance.
Lose more?
If XRP fails to break the USD 0.600 resistance zone, it could trigger another decline. The initial downside support is near the $0.580 zone.
The next major support is at USD 0.5680. If there is a downside break and a close below the USD 0.5680 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 gaining speed in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $0.580, $0.5680 and $0.5250.
Major resistance levels – $0.600, $0.6250 and $0.6620.
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