XRP Price Topside Bias Vulnerable If It Continues To Struggle Below $0.60

Aayush Jindal

1 year ago

2 mins read

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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.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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