XRP Price Topside Bias Vulnerable If It Continues To Struggle Below $0.60
23 Januar 2024 - 6:28AM
NEWSBTC
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.
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