Bitcoin

Resistance

XRP price is consolidating above the $0.5400 support. The price could start a fresh rally if there is a clear move above the $0.600 resistance. 
<ul> 
 <li>XRP is struggling to clear the $0.588 and $0.600 resistance levels.</li> 
 <li>The price is now trading below $0.5920 and the 100 simple moving average (4 hours).</li> 
 <li>There is a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair start a fresh rally if it clears the $0.588 and $0.600 resistance levels.</li> 
</ul> 
<h2 id="xrp-price-aims-higher">XRP Price Aims Higher</h2> 
After a decent recovery wave, XRP price was able to settle above the $0.5640 pivot level. A base was formed near $0.5460, and the price started a consolidation phase, unlike <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-signals-recovery-44000/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-grinds-higher-2620/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a minor increase above the $0.570 resistance zone. However, the bears seem to be active near the $0.5880 resistance zone. It faced a rejection near the 50% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low. 
The price is now trading below $0.5920 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.588 zone. 
The first key resistance is near $0.600. There is also a major bearish trend line forming with resistance near $0.600 on the 4-hour chart of the XRP/USD pair. The trend line is near the 61.8% Fib retracement level of the recent decline from the $0.6238 swing high to the $0.5545 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_f19038.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-569901" src="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_f19038.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_f19038.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_f19038.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_f19038.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_f19038.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_f19038.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_f19038.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_f19038.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/XRPUSD/" target="_blank" rel="noopener nofollow">XRPUSD on TradingView.com</a> 
A close above the $0.600 resistance zone could spark a strong increase. The next key resistance is near $0.625. If the bulls remain in action above the $0.625 resistance level, there could be a rally toward the $0.665 resistance. Any more gains might send the price toward the $0.700 resistance. 
<h2 id="downside-break">Downside Break?</h2> 
If XRP fails to clear the $0.600 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.5450 zone. 
The next major support is at $0.5220. If there is a downside break and a close below the $0.5220 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.4850 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 below the 50 level. 
Major Support Levels – $0.5450, $0.5220, and $0.4850. 
Major Resistance Levels – $0.5880, $0.600, and $0.6250.

XRP Price Uptrend To Continue? These Could Be The Factors To Watch

Table of Contents

NewsBTC

Other articles published on Jan 17, 2024

Ripple’s 80 Million XRP Shift Triggers Speculation Amid Price Downturn

Crypto: Robinhood quietly accumulates billions of Shiba Inu

Bitcoin ETFs Hit $10B Trading Volume — GBTC Outflows, IBIT Takes the Lead

FTX Attacker Shifts Bitcoin (BTC) in Most Sinister Way

Bitcoin under pressure: Increased sales from miners

Ethereum Classic Experiences Growth as Celestia Declines; Notable Increase in Rebel Satoshi’s Pre...

Join our free newsletter for daily crypto updates!