XRP price recently faced a downside correction after failing to break above the $0.6450 and $0.650 resistance levels. As a result, the price is currently testing the $0.550 support level, with the possibility of a bullish reversal in the near future.
The correction started once the price fell below the key levels of $0.620 and $0.600. It is now trading below $0.600 and the 100-hourly Simple Moving Average, indicating a short-term bearish trend. There is also a bearish trend line forming with resistance at $0.5750 on the hourly chart of the XRP/USD pair, sourced from Kraken. However, if the price manages to surpass the $0.580 resistance zone, a fresh increase could begin.
Currently hovering around the $0.550 support level, XRP price is showing signs of potential upside movement. Despite dipping below the 50% Fib retracement level of the recent upward wave, bulls are actively defending the $0.550 support. The 61.8% Fib retracement level is also acting as a crucial support level. With the price trading below $0.600 and the 100-hourly Simple Moving Average, there are challenges ahead.
On the upside, resistance levels are at $0.570, $0.5750, and $0.580. The bearish trend line at $0.5750 presents a significant hurdle for XRP price. A break above the $0.580 resistance could push the price towards $0.5950 and eventually, the $0.600 level. Further gains might lead to a test of the $0.620 resistance or even a retest of the $0.650 level.
If XRP fails to clear the $0.580 resistance zone, the price could face more downside pressure. Initial support lies at $0.5520, followed by a major support level at $0.550. A break below $0.550 could see the price decline towards the $0.5320 support, with the next significant support at $0.5250.
In terms of technical indicators, the MACD for XRP/USD is showing bearish momentum in the hourly timeframe. The hourly RSI is currently below the 50 level, indicating a bearish sentiment among traders. Major support levels to watch are at $0.5550 and $0.5500, while resistance levels are at $0.5750 and $0.5800.
In conclusion, XRP price is currently at a critical juncture, with key support and resistance levels determining its next move. Traders are eagerly watching for a break above the $0.580 resistance or a dip below the $0.550 support to gauge the direction of the market. It is essential to remain cautious and vigilant in the current market conditions to make informed trading decisions.
For more trending news articles on cryptocurrency and decentralized finance (DeFi), visit DeFi Daily News for the latest updates and insights. Stay informed and stay ahead in the ever-evolving world of digital assets.
Source link
