Market
XRP Price Eyes a Restart: Will the Bulls Take Charge Again?
XRP price started a downside correction below the $0.650 level. The price is now trading near the $0.6120 support and might aim for a fresh increase.
- XRP price started a pullback from the $0.6650 resistance zone.
- The price is now trading below $0.6450 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $0.6350 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $0.6320 and $0.6350 resistance levels.
XRP Price Eyes Fresh Increase
XRP price extended its increase above the $0.620 resistance, beating Bitcoin and Ethereum. The price even cleared the $0.650 level before the bears appeared. A high was formed at $0.6642 and the price started a downside correction.
There was a move below the $0.6450 and $0.6350 levels. The price tested the $0.6100 zone. A low was formed at $0.6091 and the price is now consolidating losses. There was a minor move above the $0.6200 level.
The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6642 swing high to the $0.6091 low. The price is now trading above $0.6150 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.6320 level.
There is also a connecting bearish trend line forming with resistance at $0.6350 on the hourly chart of the XRP/USD pair. It is close to the 50% Fib retracement level of the downward move from the $0.6642 swing high to the $0.6091 low.
The first major resistance is near the $0.6420 level. The next key resistance could be $0.6500. A clear move above the $0.6500 resistance might send the price toward the $0.6640 resistance. Any more gains might send the price toward the $0.680 resistance or even $0.700 in the near term.
More Losses?
If XRP fails to clear the $0.6350 resistance zone, it could continue to move down. Initial support on the downside is near the $0.6150 level. The next major support is near the $0.6080 level.
If there is a downside break and a close below the $0.6080 level, the price might continue to decline toward the $0.600 support in the near term. The next major support sits at $0.580.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.6150 and $0.6080.
Major Resistance Levels – $0.6320 and $0.6350.