HomeAltcoin NewsXRP Price Analysis: XRP Struggles Below This Key Hurdle

XRP Price Analysis: XRP Struggles Below This Key Hurdle

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  • XRP price started a fresh decline from the $0.658 resistance against the US dollar.
  • The price is now trading below $0.625 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.619 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could extend losses if it breaks the $0.584 support zone.

XRP price is struggling below $0.650 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.584 support in the near term.

XRP Price Analysis

In the past few hours, Ripple’s XRP price started a fresh decline from well above $0.650 against the US Dollar. The XRP/USD pair stayed below the $0.632 level and extended its decline.

The bears were able to push the price below the $0.625 support. The pair broke the 50% Fib retracement level of the upward move from the $0.5954 swing low to the $0.6578 high. XRP is now trading below $0.625 and the 55 simple moving average (4 hours).

Initial support on the downside is near $0.610 or the 76.4% Fib retracement level of the upward move from the $0.5954 swing low to the $0.6578 high. The next major support is near the $0.598 level. The main support sits at $0.584.

Any more losses could lead the price toward the $0.560 level, below which the price might even test $0.520. On the upside, the price is facing resistance near $0.620. There is also a key bearish trend line forming with resistance near $0.619 on the 4-hour chart of the XRP/USD pair.

The next major resistance is near the $0.632 level. A clear move above $0.632 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

Looking at the chart, XRP price is now trading below the $0.625 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.584 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 – $0.610, $0.592, and $0.584.

Key Resistance Levels – $0.620 and $0.632.

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.

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