XRP Price Holds Support - Indicators Show Risk of Downside Break

2024-03-28 21:58:53

XRP price is holding gains above the $0.60 zone. The price could gain bearish momentum if there is a close below the $0.570 support zone.

XRP is facing a major hurdle near the $0.6580 zone.
The price is now trading below $0.640 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.640 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could gain bearish momentum if there is a close below the $0.5720 support.

XRP Price Faces Uphill Task

After a steady decline, XRP price found support near the $0.5720 level. A low was formed at $0.5714 and the price started a fresh increase, like Bitcoin and Ethereum.

There was a move above the $0.5880 and $0.600 resistance levels. The price cleared the 23.6% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5714 low. The bulls pushed the price above the $0.620 resistance zone, but the bears are active near $0.640.

Ripple’s token price is now trading above $0.6320 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.640 zone. There is also a key bearish trend line forming with resistance near $0.640 on the 4-hour chart of the XRP/USD pair.

The next key resistance is near $0.6580. It is close to the 50% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5714 low. A close above the $0.6580 resistance zone could spark a strong increase. The next key resistance is near $0.700. If the bulls remain in action above the $0.700 resistance level, there could be a rally toward the $0.7440 resistance. Any more gains might send the price toward the $0.800 resistance.

More Losses?

If XRP fails to clear the $0.640 resistance zone, it could start another decline. Initial support on the downside is near the $0.600 zone.

The next major support is at $0.5720. If there is a downside break and a close below the $0.5720 level, the price might accelerate lower. In the stated case, the price could retest the $0.5250 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.600, $0.5720, and $0.5250.

Major Resistance Levels – $0.640, $0.6580, and $0.700.

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