Bitcoin

Resistance

XRP price is consolidating above the $0.520 support. The price could gain bearish momentum unless there is a close above $0.550 and $0.570. 
<ul> 
 <li>XRP is showing bearish signs below the $0.550 and $0.570 resistance levels.</li> 
 <li>The price is now trading below $0.5420 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair start a fresh increase if it clears the $0.540 and $0.550 resistance levels.</li> 
</ul> 
<h2 id="xrp-price-aims-recovery">XRP Price Aims Recovery</h2> 
After a decent recovery wave, XRP price faced heavy resistance near the $0.6200 zone. The bears stepped in and managed to start a fresh decline. There was a move below the $0.600 and $0.570 support levels, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dives-below-40k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-reaches-2300/" target="_blank" rel="noopener ">Ethereum</a>. 
There was also a drop below the $0.550 support. The price tested the $0.5180 zone. A low was formed near $0.5178, and the price is now consolidating losses. There is also a key bearish trend line forming with resistance near $0.540 on the 4-hour chart of the XRP/USD pair. 
The price is now trading below $0.5420 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.540 zone or the trend line. It is near the 23.6% Fib retracement level of the downward move from the $0.6238 swing high to the $0.5178 low. 
The first key resistance is near $0.550. The next major resistance is near the $0.570 zone or the 50% Fib retracement level of the downward move from the $0.6238 swing high to the $0.5178 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_054b45.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-570877" src="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_054b45.png?resize=1024%2C461" alt="XRP Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_054b45.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_054b45.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_054b45.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_054b45.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_054b45.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_054b45.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_054b45.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 $0.570 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 $0.680 resistance. Any more gains might send the price toward the $0.700 resistance. 
<h2 id="more-losses">More Losses?</h2> 
If XRP fails to clear the $0.550 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.5180 zone. 
The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.500 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 – $0.5180, $0.5120, and $0.500. 
Major Resistance Levels – $0.5420, $0.5500, and $0.5700.

XRP Price Topside Bias Vulnerable If It Continues To Struggle Below $0.60

Съдържание

NewsBTC

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