XRP price has recently experienced a downside correction after failing to break through the $0.7450 resistance level. As a result, the bulls are facing challenges in keeping the price above the $0.5850 support zone. The price is currently below $0.650 and the 100 simple moving average (4 hours), indicating a bearish trend in the market. Additionally, a key bearish trend line has formed with resistance at $0.640 on the 4-hour chart of the XRP/USD pair.
After a period of steady growth, XRP price struggled to continue its upward momentum past the $0.750 resistance level. Similar to Ethereum and Bitcoin, the price started a downward correction from the $0.7442 high. This decline led to the price falling below key support levels at $0.700 and $0.665. The price even dropped below the $0.600 support level before finding a temporary bottom near $0.5874.
Currently, XRP is trading below $0.620 and the 100 simple moving average (4 hours). The immediate resistance lies near the $0.640 zone, with a significant level at $0.6650 or the 50% Fib retracement level. A successful close above these levels could signal a potential rally towards the $0.70 resistance. However, a failure to break above the $0.6650 resistance zone might result in another downturn for XRP.
In the event of a downward movement, the initial support level is near $0.5980, followed by a major support level at $0.5850. A breach below $0.5850 could accelerate the price drop, possibly revisiting the $0.520 support zone. Technical indicators such as the 4-Hours MACD and RSI are currently showing bearish signals, indicating a potential further decline in XRP price.
The XRP price analysis reflects a challenging period for the cryptocurrency as it faces resistance levels and struggles to maintain key support zones. Investors are advised to conduct their own research before making any investment decisions, as the market carries inherent risks. It is essential to use the information provided on this website at one’s own risk, as it is intended for educational purposes only.