XRP Price Could Regain Strength If It Clears This Key Barrier

XRP price is eyeing a fresh increase from the $0.600 support. The price could gain bullish momentum if it clears the $0.625 resistance zone.

• XRP is slowly moving higher above the $0.612 level.
• The price is now trading below $0.625 and the 100 simple moving average (4 hours).
• There was a break below a key bullish trend line with support near $0.628 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
• The pair start a fresh rally if it clears the $0.625 and $0.628 resistance levels.

XRP Price Aims Fresh Increase

After a major increase, XRP faced sellers near the $0.700 zone. The bulls lost control and the price started a major decline below the $0.650 support, like Bitcoin and Ethereum.

There was a break below a key bullish trend line with support near $0.628 on the 4-hour chart of the XRP/USD pair. The pair even declined below the $0.612 support. A low was formed near $0.6010, and the price is now attempting a fresh increase.

There was a move above the $0.612 resistance. However, XRP is now trading below $0.625 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.625 zone. It is close to the 23.6% Fib retracement level of the downward move from the $0.7000 swing high to the $0.6010 swing low.

The first major resistance is near the $0.628 zone. A close above the $0.628 resistance zone could spark a steady increase. The next key resistance is near $0.650 or the 50% Fib retracement level of the main decline from the $0.720 swing high to the $0.5720 swing low.

Source: XRPUSD on TradingView.com

If the bulls remain in action above the $0.650 resistance level, there could be a rally toward the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance.

Another Decline?

If XRP fails to clear the $0.625 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.612 zone.

The next major support is at $0.600. If there is a downside break and a close below the $0.600 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.572 support zone.

Technical Indicators

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

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

Major Support Levels – $0.612, $0.600, and $0.572.

Major Resistance Levels – $0.625, $0.628, and $0.650.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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• Source: https://www.newsbtc.com/analysis/xrp/xrp-price-strength-0-625/