XRP Price Analysis: XRP At Risk of Fresh Decline

Ripple’s XRP price started a fresh decline from the $0.600 zone against the US Dollar. The XRP/USD pair stayed below the $0.592 level and extended its decline.

Xrp Price Analysis: Xrp At Risk Of Fresh Decline_65d5cc0c9a6a7.webp
  • XRP price started a fresh decline from the $0.600 resistance against the US dollar.
  • The price is now trading below $0.585 and the 55 simple moving average (4 hours).
  • There is a key declining channel forming with resistance near $0.5715 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it breaks the $0.532 support zone.

XRP price is struggling below $0.600 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.532 support in the near term.

XRP Price Analysis

In the past few hours, Ripple’s XRP price started a fresh decline from the $0.600 zone against the US Dollar. The XRP/USD pair stayed below the $0.592 level and extended its decline.

The bears were able to push the price below the $0.585 support. The pair broke the 23.6% Fib retracement level of the upward move from the $0.4541 swing low to the $0.5942 high. It is now trading below $0.585 and the 55 simple moving average (4 hours).

There is also a key declining channel forming with resistance near $0.5715 on the 4-hour chart of the XRP/USD pair. Initial support on the downside is near $0.532 or the 50% Fib retracement level of the upward move from the $0.4541 swing low to the $0.5942 high.

The next major support is near the $0.500 level. The main support sits at $0.475. Any more losses could lead the price toward the $0.458 level, below which the price might even test $0.420.

On the upside, the price is facing resistance near $0.572. The next major resistance is near the $0.595 level. A clear move above $0.595 might start a fresh increase. In the stated case, the price could even surpass the $0.620 resistance. Any more gains might send the price toward the $0.650 resistance.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading below the $0.592 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.532 support zone.

Related: Former Ripple Director’s Timelines for First XRP ETF

Technical indicators

  • 4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
  • 4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
  • Key Support Levels – $0.532, $0.500, and $0.475.
  • Key Resistance Levels – $0.572 and $0.595.

5.0/5

(100 votes)

Latest

Azcnews Xrp Poised To Surge To $1.96 Amid Positive Signals

News | Altcoin | Analytics | Editor Choice | Video

XRP Poised to Surge to $1.96 Amid Positive Signals

XRP has increased by 30% in just 2 days with positive news from Gary Gensler's resignation, causing excitement among investors. XRP price may increase sharply in the near future, reaching the $1.96 mark.

Azcnews Bitcoin Surges To $99,000 Despite Profit Taking By Investors

News | Analytics | Bitcoin | Editor Choice

Bitcoin Surges to $99,000 Despite Profit-Taking by Investors

Despite long-term investors taking profits continuously over the past few days, Bitcoin price continued to rise sharply and hit $99,000.

Azcnews Bitcoin Nears $95k, Putting 100% Of Investors In Profit

News | Analytics | Bitcoin | Editor Choice

Bitcoin Nears $95K, Putting 100% of Investors in Profit

With Bitcoin at an all-time high, 100% of investors holding the coin are in profit.

Azcnews Bitcoin Sets A New All Time High As Etfs Continue To Surge

News | Analytics | Bitcoin | Editor Choice

Bitcoin Sets a New All-Time High as ETFs Continue to Surge

Bitcoin made a spectacular breakout, hitting nearly $94,000 last night, setting a new record with the highest price in history, after Bitcoin ETFs continued to see significant inflows.

Azcnews Mantra's Om Token Soars 194% Amid Positive Signals

News | Altcoin | Analytics | Editor Choice

Mantra’s OM Token Soars 194% Amid Positive Signals

Mantra's OM coin has increased by 194% in just 1 week, with on-chain signals and technical indicators showing positive signs.