By NewsBTC - 3 months ago - Reading Time: 2 minutes
XRP Price Topside Bias Vulnerable If It Continues To Struggle Below $0.60
XRP price is consolidating above the $0.520 support. The price could gain bearish momentum unless there is a close above $0.550 and $0.570.
XRP is showing bearish signs below the $0.550 and $0.570 resistance levels. The price is now trading below $0.5420 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair start a fresh increase if it clears the $0.540 and $0.550 resistance levels.XRP Price Aims Recovery
After a decent recovery wave, XRP price faced heavy resistance near the $0.6200 zone. The bears stepped in and managed to start a fresh decline. There was a move below the $0.600 and $0.570 support levels, like Bitcoin and Ethereum.
There was also a drop below the $0.550 support. The price tested the $0.5180 zone. A low was formed near $0.5178, and the price is now consolidating losses. There is also a key bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair.
The price is now trading below $0.5420 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.540 zone or the trend line. It is near the 23.6% Fib retracement level of the downward move from the $0.6238 swing high to the $0.5178 low.
The first key resistance is near $0.550. The next major resistance is near the $0.570 zone or the 50% Fib retracement level of the downward move from the $0.6238 swing high to the $0.5178 low.
Source: XRPUSD on TradingView.com
A close above the $0.570 resistance zone could spark a strong increase. The next key resistance is near $0.625. If the bulls remain in action above the $0.625 resistance level, there could be a rally toward the $0.680 resistance. Any more gains might send the price toward the $0.700 resistance.
More Losses?
If XRP fails to clear the $0.550 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.5180 zone.
The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.500 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5180, $0.5120, and $0.500.
Major Resistance Levels – $0.5420, $0.5500, and $0.5700.
Original source: NewsBTC