HomeAltcoin NewsXRP Price Analysis: XRP Faces Uphill Task Near $0.65

XRP Price Analysis: XRP Faces Uphill Task Near $0.65

-

  • XRP price started a fresh decline from the $0.630 resistance against the US dollar.
  • The price is now trading below $0.622 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.620 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it breaks the $0.598 support zone.

XRP price is struggling below $0.620 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.592 support in the near term.

XRP Price Analysis

In the past few hours, Ripple’s XRP price started a fresh decline from well above $0.630 against the US Dollar. The XRP/USD pair stayed below the $0.630 level with a bearish angle.

The bears were able to push the price below the $0.620 support. The pair broke the 23.6% Fib retracement level of the upward move from the $0.5781 swing low to the $0.6309 high. It is now trading below $0.620 and the 55 simple moving average (4 hours).

Initial support on the downside is near $0.604. The next major support is near the $0.598 level or the 61.8% Fib retracement level of the upward move from the $0.5781 swing low to the $0.6309 high. The main support sits at $0.585.

Any more losses could lead the price toward the $0.565 level, below which the price might even test $0.535. On the upside, the price is facing resistance near $0.618. There is also a key bearish trend line forming with resistance near $0.620 on the 4-hour chart of the XRP/USD pair.

The next major resistance is near the $0.630 level. A clear move above $0.630 might start a fresh increase. In the stated case, the price could even surpass the $0.650 resistance. Any more gains might send the price toward the $0.680 resistance.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading below the $0.620 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.598 support zone.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Key Support Levels – $0.604, $0.592, and $0.584.

Key Resistance Levels – $0.620 and $0.630.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

FOLLOW US

Most Popular