XRP Price Analysis: XRP Could Take Hit Below This Support

XRP price is now trading below the $0.650 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.585 support zone.

Xrp Price Analysis: Xrp Price Could Take Hit Below This Support_65b97066ea5bd.webp
  • XRP price started a fresh decline below the $0.658 zone against the US dollar.
  • The price is now trading below $0.650 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.625 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it breaks the $0.585 support zone.

XRP price is struggling below $0.650 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.585 support in the near term.

Ripple Price Analysis

In the past few days, Ripple’s XRP price started a fresh decline from well above $0.700 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.685 level.

The bears were able to push the price below the $0.650 support. It even traded below the 55 simple moving average (4 hours) and spiked below the $0.600 support. A low is formed near $0.5850 and the price is now attempting a recovery wave.

There was a move above the $0.600 level. XRP is now trading below $0.650 and the 55 simple moving average (4 hours). It is also above the 23.6% Fib retracement level of the downward move from the $0.7329 swing high to the $0.5850 low.

On the upside, the price is facing resistance near $0.625. There is also a key bearish trend line forming with resistance near $0.625 on the 4-hour chart of the XRP/USD pair.

The next major resistance is near the $0.658 level. It is near the 50% Fib retracement level of the downward move from the $0.7329 swing high to the $0.5850 low.

A clear move above $0.658 might start a fresh increase. In the stated case, the price could even surpass the $0.680 resistance. Any more gains might send the price toward the $0.725 resistance.

Initial support on the downside is near $0.600. The next major support is near the $0.585 level. Any more losses could lead the price toward the $0.550 level, below which the price might even test $0.520.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading below the $0.650 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.585 support zone.

Related: Ripple Escrows 800M XRP Amid Rising Whale Moves

Technical indicators

4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Key Support Levels – $0.600, $0.585, and $0.550.

Key Resistance Levels – $0.625 and $0.658.

5.0/5

(100 votes)

Latest

Azcnews Act Memecoin On Solana Surges Nearly 3000% In A Short Period

News | Altcoin | Editor Choice | Memecoin

ACT Memecoin on Solana Surges Nearly 3000% in a Short Period

Memecoin Act I The AI ​​​​Prophecy has seen a huge price surge of nearly 3000% in the past 7 days, bringing huge profits to investors who believe in this coin.

Azcnews Bitcoin Price Drops After Reaching Ath As Investors Take Profits

News | Bitcoin | Editor Choice

Bitcoin Price Drops After Reaching ATH as Investors Take Profits

Bitcoin rose to a high of $93,000 before correcting to its current price. The decline may have been caused by investors taking profits.

Azcnews Meme Coin Pnut Surges 800% After Binance Listing

News | Altcoin | Editor Choice | Memecoin

Meme Coin PNUT Surges 800% After Binance Listing

A new meme coin called Peanut the Squirrel (PNUT) has seen an impressive growth of over 800% in just a few days after being listed on Binance.

Join The Giveaway Of 5000 Dogesol On Bingx

News | Airdrops | Editor Choice

Join the Giveaway of 5000 DOGESOL on BingX

To celebrate the listing event of DOGESOL, BingX has announced a reward sharing event offering 5,000 DOGESOL for investors.

.jpg

News | Altcoin | Editor Choice

Solana is Narrowing the Gap with Ethereum Thanks to Meme Coins

Solana is gradually closing the gap with Ethereum as key performance indicators for the network show remarkable growth in 2024.