In recent trading, XRP has seen a corrective move following its failure to surpass the $0.7450 resistance, leading to concerns for the bulls about maintaining the $0.5850 support level.

XRP’s descent below $0.650 and the 100 simple moving average on the 4-hour chart is a cause for caution. Moreover, a prominent bearish trend line has emerged with resistance at $0.640 on the XRP/USD pair’s 4-hour chart sourced from Kraken, indicating possible hurdles ahead.

XRP Price Consolidation

Following its struggle to break above $0.750, XRP has begun a corrective phase from its peak of $0.7442, similar to movements seen in Ethereum and Bitcoin.

The price has dipped below key support levels at $0.700, $0.665, and even $0.600, hitting a low near $0.5874 before consolidating losses. While a minor uptick occurred above $0.620, resistance remains evident around $0.650 with the formation of a crucial bearish trend line and a struggle to breach the $0.640 mark.

Currently, XRP is trading under $0.620 and is eyeing resistance near $0.640 and potentially $0.6650. A breakthrough above these levels could pave the way for a climb towards $0.70.

Potential for Further Decline

If XRP fails to surpass the $0.6650 resistance, it could face additional downward pressure, with initial support near $0.5980 and a critical support line at $0.5850. Breaking below $0.5850 may trigger a more substantial decline, possibly revisiting the $0.520 support zone.

Sources: TradingView.com

Technical Indicators

Technical indicators show the MACD for XRP/USD gaining momentum in the bearish territory, with the RSI for XRP/USD sitting below the 50 level.

Key Levels

• Major Support Levels: $0.5980, $0.5850, and $0.5200
• Major Resistance Levels: $0.640, $0.6650, and $0.700

Disclaimer

The information presented in the article is intended for educational purposes only and does not reflect NewsBTC’s views on investment decisions. It is recommended to perform individual research before investing, as all trading carries inherent risks. Utilize the information at your own discretion and risk.

FAQ

What is XRP’s current price?

XRP’s price is fluctuating around key support levels, hovering below $0.620 but aiming for resistance near $0.640 and $0.6650.

Where can I find XRP price updates?

For the latest XRP price information, TradingView is a reliable source for real-time data on XRP/USD movements.

What should investors consider regarding XRP’s market performance?

Investors should closely monitor XRP’s ability to break resistance levels like $0.640 and $0.6650 to gauge potential for a bullish trend. Conversely, failure to surpass these points could lead to further declines, with critical support at $0.5850.