XRP Struggles to Break Resistance, Price Hovers Below $0.620


In clear defiance of crypto-optimism, the price of XRP is wrestling to break resistance below $0.620. The imperative of the day, it would seem, is for the price to remain steady or even ascend above its current supportive base of $0.5680, thereby reaching for higher trajectories in the near future.

As it stands, XRP is making a gradual retreat from the resistance zone of $0.6620. Lingering uncomfortably below both $0.620 and the 100 simple moving average (over a 4 hour period), the currency reveals a prominent bearish trend line. Currently, this line of resistance hovers near $0.600 as touted by the 4 hour chart relating to the XRP/USD pair (data sourced from Kraken). The peril lies that further bearish momentum may solidify if there is a downward close below supportive base $0.5680.

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Recent trading periods have witnessed the XRP price steadily losing altitude from a soaring height of above $0.650. This descent followed the path of fellow cryptocurrencies Bitcoin and Ethereum as there were significant drops below the supportive levels of $0.620 and $0.605.

The price took a deep dive and tested the support zone at $0.580. The lowest point was recorded at $0.5805, and since then the price remains in a state of consolidation following these losses. Meanwhile, the ever-menacing bearish trend line continues to form around the $0.600 mark on the 4-hour chart of the XRP/USD pair.

The price of Ripple’s token currently languishes below $0.620 and the 100 simple moving average (over a 4 hour period). On the upward flipside, the immediate resistance centers around the $0.600 zone as well as the trending line. It strategically places itself close to the 23.6% Fib retracement level of the downward wave from the $0.6625 swing high to the $0.5805 swing low.

Looking onward, the subsequent meaningful resistance mark is near the $0.620 value. This is in close vicinity to the 50% Fib retracement level descending from the $0.6625 swing high to the $0.5805 swing low. If the price manage to hurdled above the $0.6250 resistance zone, it could incite a significant upward surge. The next major resistance lies at approximately $0.6620.

If the bullish momentum manages to sustain above the $0.6620 resistance level, a positive rally could drive the value toward the $0.680 resistance. Any further gains have the potential to catapult the price toward the $0.700 mark for resistance.

However, if XRP fails at clearing the $0.600 resistance zone, it may herald another downturn. The initial supportive fortress on the downside exists within the $0.580 zone. The consequential key support, however, lies within reach of $0.5680. Should there be further downward trends resulting in a close below $0.5680, the descent could potentially gain speed. In such a scenario, the price would likely be steered to retest the supportive base at $0.5250.

According to technical indicators, the 4 hour MACD (Moving Average Convergence Divergence) for XRP/USD is gradually building steam in the bearish zone. Contrariwise, The RSI (Relative Strength Index) over the same period for XRP/USD sinks below the 50-point level. The presence of definitive support levels at $0.580, $0.5680, and $0.5250 safeguard the potential losses. Concurrently, the resistance levels at $0.600, $0.6250, and $0.6620 remain as the stepping stones for upward trends.

In conclusion, while this analysis provides insightful parameters, it must be clearly understood that investing carries inherent risks. This information is to be used purely for educational purposes and does not reflect the opinions of its proximal source on whether to buy, sell or hold any investments. It is therefore, highly advisable to exercise due diligence and conduct comprehensive research before making any investment decisions. The onus of responsibility squarely falls onto the investor when operating on information provided.