XRP price started a downside correction from the $0.6700 resistance. The bulls are now active above $0.5400 and might aim for a fresh increase.
- XRP started a fresh increase above the $0.600 resistance level.
- The price is now trading above $0.550 and the 100 simple moving average (4 hours).
- There was a break below a key rising channel with support at $0.610 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh rally if there is a close above the $0.60 resistance zone.
XRP Price Revisits Support
In the past few days, XRP price climbed higher from the $0.550 zone. There was a move above the $0.580 and $0.600 resistance levels. However, the upside was less compared to Bitcoin and Ethereum.
The price even climbed above the $0.650 resistance before the bears appeared. A new multi-week high was formed near $0.6692 before the price dived. There was a strong bearish wave below the $0.620 support. There was a break below a key rising channel with support at $0.610 on the 4-hour chart of the XRP/USD pair.
The pair even dived below the $0.600 level. A low was formed near $0.530 and the price is now attempting a fresh increase. There was a move above the $0.560 level and the 23.6% Fib retracement level of the downward move from the $0.6692 swing high to the $0.530 low.
Ripple’s token price is now trading above $0.550 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.600 zone or the 50% Fib retracement level of the downward move from the $0.6692 swing high to the $0.530 low.
The first key resistance is near $0.6240, above which the price could rise toward the $0.650 resistance. A close above the $0.650 resistance zone could spark a strong increase.
Source: XRPUSD on TradingView.com
The next key resistance is near $0.680. If the bulls remain in action above the $0.680 resistance level, there could be a rally toward the $0.7050 resistance. Any more gains might send the price toward the $0.7320 resistance.
Another Decline?
If XRP fails to clear the $0.60 resistance zone, it could start another decline. Initial support on the downside is near the $0.562 zone.
The next major support is at $0.540 and a connecting bullish trend line. If there is a downside break and a close below the $0.540 level, the price might accelerate lower. In the stated case, the price could retest the $0.5120 support zone.
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