XRP worth prolonged good points above the $0.6220 zone. The worth examined the $0.6330 zone earlier than there was a pullback amid declines in BTC and ETH.
- XRP worth began a draw back correction from the $0.6330 zone.
- The worth is now buying and selling close to $0.600 and the 100-hourly Simple Moving Average.
- There is a connecting bullish pattern line forming with help at $0.5920 on the hourly chart of the XRP/USD pair (information supply from Kraken).
- The pair may begin one other improve if it stays above the $0.590 help zone.
XRP Price Holds Uptrend Support
XRP worth prolonged its improve above the $0.6150 resistance. It even climbed above the $0.6220 resistance earlier than the bears appeared. A excessive was fashioned at $0.6330 earlier than Bitcoin and Ethereum dragged the market decrease.
There was a transfer beneath the $0.6150 and $0.6120 ranges. The worth declined beneath the 50% Fib retracement degree of the upward transfer from the $0.5802 swing low to the $0.6330 excessive. It is now buying and selling close to $0.600 and the 100-hourly Simple Moving Average.
There can also be a connecting bullish pattern line forming with help at $0.5920 on the hourly chart of the XRP/USD pair. The pattern line is near the 76.4% Fib retracement degree of the upward transfer from the $0.5802 swing low to the $0.6330 excessive.
If there’s a recent upward transfer, the worth may face resistance close to the $0.6120 degree. The first main resistance is close to the $0.6200 degree. The subsequent key resistance could possibly be $0.6220. A transparent transfer above the $0.6220 resistance may ship the worth towards the $0.6350 resistance. The subsequent main resistance is close to the $0.6500 degree. Any extra good points may ship the worth towards the $0.680 resistance.
More Losses?
If XRP fails to clear the $0.6120 resistance zone, it may proceed to maneuver down. Initial help on the draw back is close to the $0.5950 degree. The subsequent main help is at $0.5920 and the pattern line zone.
If there’s a draw back break and a detailed beneath the $0.5920 degree, the worth may proceed to say no towards the $0.580 help within the close to time period.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now beneath the 50 degree.
Major Support Levels – $0.5920 and $0.5800.
Major Resistance Levels – $0.6120 and $0.6220.
