The XRP rate extended its gains beyond the $0.6220 area. Price tested $0.6330 before a drop in BTC, ETH and other cryptocurrencies.
- The XRP started to correct downwards from $0.6330.
- Now, the price has traded near $600 and is close to 100-hour Simple Moving Average.
- On the hourly chart for the pair XRP/USD, there is a bullish trendline connecting with support $0.5920 (data from Kraken).
- If the pair stays above $0.590, it could begin another rise.
The XRP price holds uptrend support
The XRP rate continued to rise above the resistance of $0.6150. Before the bears showed up, it even reached the resistance of $0.6220. The high at $0.6330 was reached before Bitcoin The following are some examples of how to get started: Ethereum Markets fell.
A move was made below $0.6150 and $0.6120. Price fell below 50% of Fib’s retracement from $0.5802 swing-low to $0.6330 high. Now, it is trading at $0.600 near the Simple Moving Average 100 hours and close to the swing low of $0.5802.
A bullish connecting trend line is also visible on the hourly chart. It has a resistance level at $0.5920. The trendline is very close to the level of Fib retracement 76.4% for the rise from the $0.5802 low swing to the $0.6330 peak.
The price may face resistance at the level of $0.6120 if there’s a new upward movement. The $0.6200 mark is the first significant resistance. Next key resistance might be at $0.6220. If the price moves above the resistance of $0.6220, it could move towards the resistance at $0.6350. Next major resistance near $0.6500. Any further gains could send the price towards the $0.680 level of resistance.
What are the chances of more losses?
If XRP does not clear the resistance zone of $0.6120, it may continue its downward trend. Initial support to the downside can be found near the $0.5950 mark. Next major support at $0.5920 is the trendline zone.
In the short term, if the downside is broken and the level of $0.5920 is closed below, then the price could continue its decline towards the support at $0.580.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.5920 and $0.5800.
Major Resistance Levels – $0.6120 and $0.6220.
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Source: www.newsbtc.com
