XRP Price Analysis: Key Support Intact But Can It Restart Increase?
XRP price started a downside correction below the $0.532 zone against the US dollar.
The price is now trading below $0.525 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.5150 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase above the $0.535 resistance.
XRP price is consolidating near $0.520 against the US Dollar, like Bitcoin. It must stay above the $0.50 support to start a fresh increase.
XRP Price Analysis
This past week, XRP price made another attempt to clear the $0.550 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.550 and started a downside correction.
There was a move below the $0.540 and $0.532 support levels. However, the bulls were active above the $0.514 support. A low has formed near $0.514 and the price is now consolidating losses. XRP is now trading below $0.525 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near $0.522. It is also near the 23.6% Fib retracement level of the downward move from the $0.5510 swing high to the $0.5140 low.
The next major resistance is near the $0.525 level. The first major resistance is near the $0.535 zone or the 61.8% Fib retracement level of the downward move from the $0.5510 swing high to the $0.5140 low. A clear move above the $0.535 resistance zone might start a strong increase.
In the stated case, the price could even surpass the $0.550 zone and test $0.585. Any more gains might send the price toward the $0.60 resistance.
Initial support on the downside is near the $0.515 level. There is also a key bullish trend line forming with support near $0.5150 on the 4-hour chart of the XRP/USD pair. The next major support is near the $0.14 level. Any more losses could lead the price toward the $0.50 level, below which the price might even test the $0.465 support zone in the near term.
Looking at the chart, XRP price is now trading below the $0.525 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.535 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.515, $0.514, and $0.500.
Key Resistance Levels – $0.535 and $0.550.
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Filed under: Bitcoin - @ October 9, 2023 4:08 am