In recent trading, XRP experienced a downward correction, dipping below the $0.650 mark. Currently, it’s hovering near the $0.6120 support level and shows potential signs of gearing up for another upward movement.
The cryptocurrency had previously pulled back from the resistance zone at $0.6650. As of now, XRP is trading below $0.6450, notably under the 100-hourly Simple Moving Average. On the hourly chart of the XRP/USD pair, there is a developing bearish trend line with resistance seen at $0.6350.
A fresh increase could be on the horizon for XRP if it manages to break through the $0.6320 and $0.6350 resistance levels. Over the past sessions, XRP had solid gains, surpassing the $0.620 resistance and outperforming major counterparts like Bitcoin and Ethereum. It even broke through the $0.650 level before facing a bearish turn. A peak was noted at $0.6642, followed by a corrective decline.
The price saw a drop below the key levels of $0.6450 and $0.6350, eventually testing the $0.6100 zone. A consolidative phase began with a low at $0.6091, and since then, the price has seen minor rebounds above the $0.6200 mark.
There’s upward activity with XRP climbing above the 23.6% Fibonacci retracement level, which tracked the downward move from the $0.6642 high to the $0.6091 low. Currently, XRP trades above $0.6150 and is slightly ahead of the 100-hourly Simple Moving Average.
Resistance on the ascent is expected around $0.6320, with an additional bearish trend line presenting resistance at $0.6350 on the hourly chart. This proximity aligns with the 50% Fibonacci retracement level from its recent swing high to low.
Key resistance stands first at $0.6420, followed by an essential level at $0.6500. A successful breach of the $0.6500 resistance might propel XRP towards the $0.6640 mark, with further gains potentially pushing it to $0.680 or even $0.700 in the near term.
Conversely, if XRP fails to overcome the $0.6350 resistance zone, a downtrend may continue. The first major support on this potential downside is around $0.6150, followed by a more crucial support level near $0.6080. Should a break occur below $0.6080, XRP’s price could further decline towards the $0.600 support, with the subsequent key support resting at $0.580.
Technical indicators reveal the hourly MACD for XRP/USD losing momentum within the bearish territory, and the hourly RSI for XRP/USD is positioned below the 50 threshold. Major support levels to watch are at $0.6150 and $0.6080, while critical resistance levels lie at $0.6320 and $0.6350.
