XRP Price Holds Support – Indicators Show Risk of Downside Break
March 29 2024 - 1:58AM
NEWSBTC
XRP price is holding gains above the $0.60 zone. The price could
gain bearish momentum if there is a close below the $0.570 support
zone. XRP is facing a major hurdle near the $0.6580 zone. The price
is now trading below $0.640 and the 100 simple moving average (4
hours). There is a key bearish trend line forming with resistance
near $0.640 on the 4-hour chart of the XRP/USD pair (data source
from Kraken). The pair could gain bearish momentum if there is a
close below the $0.5720 support. XRP Price Faces Uphill Task After
a steady decline, XRP price found support near the $0.5720 level. A
low was formed at $0.5714 and the price started a fresh increase,
like Bitcoin and Ethereum. There was a move above the $0.5880 and
$0.600 resistance levels. The price cleared the 23.6% Fib
retracement level of the downward wave from the $0.7442 swing high
to the $0.5714 low. The bulls pushed the price above the $0.620
resistance zone, but the bears are active near $0.640. Ripple’s
token price is now trading above $0.6320 and the 100 simple moving
average (4 hours). On the upside, immediate resistance is near the
$0.640 zone. There is also a key bearish trend line forming with
resistance near $0.640 on the 4-hour chart of the XRP/USD pair. The
next key resistance is near $0.6580. It is close to the 50% Fib
retracement level of the downward wave from the $0.7442 swing high
to the $0.5714 low. A close above the $0.6580 resistance zone could
spark a strong increase. The next key resistance is near $0.700. If
the bulls remain in action above the $0.700 resistance level, there
could be a rally toward the $0.7440 resistance. Any more gains
might send the price toward the $0.800 resistance. More Losses? If
XRP fails to clear the $0.640 resistance zone, it could start
another decline. Initial support on the downside is near the $0.600
zone. The next major support is at $0.5720. If there is a downside
break and a close below the $0.5720 level, the price might
accelerate lower. In the stated case, the price could retest the
$0.5250 support zone. Technical Indicators 4-Hours MACD – The MACD
for XRP/USD is now losing pace in the bullish zone. 4-Hours RSI
(Relative Strength Index) – The RSI for XRP/USD is now above the 50
level. Major Support Levels – $0.600, $0.5720, and $0.5250. Major
Resistance Levels – $0.640, $0.6580, and $0.700.
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