XRP Price Analysis: XRP Drops Again, Can This Support Hold?
XRP price started a fresh decline below the $0.650 zone against the US dollar.
The price is now trading below $0.640 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support at $0.660 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
The pair could extend losses if it breaks the $0.612 support zone.
XRP price is struggling below $0.640 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.612 support in the near term.
XRP Price Analysis
In the past few hours, Ripple’s XRP price started a fresh decline from well above $0.670 against the US Dollar. The XRP/USD pair gained bearish momentum below the $0.655 level.
The bears were able to push the price below the $0.650 support. There was a break below a key bullish trend line with support at $0.660 on the 4-hour chart of the XRP/USD pair. The pair broke the 61.8% Fib retracement level of the upward move from the $0.5850 swing low to the $0.7006 high.
The price is now trading below $0.640 and the 55 simple moving average (4 hours). Initial support on the downside is near $0.612. It is close to the 76.4% Fib retracement level of the upward move from the $0.5850 swing low to the $0.7006 high.
The next major support is near the $0.600 level. Any more losses could lead the price toward the $0.585 level, below which the price might even test $0.550.
On the upside, the price is facing resistance near $0.6375 or the 55 simple moving average (4 hours). The next major resistance is near the $0.642 level. A clear move above $0.642 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 $0.685 resistance.
Looking at the chart, XRP price is now trading below the $0.640 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.612 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 – $0.612, $0.600, and $0.585.
Key Resistance Levels – $0.6375 and $0.650.
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Filed under: Bitcoin - @ December 11, 2023 5:18 am