XRP Price Approaching a Critical Crossroads, Will the Bulls Take a Stand?

XRP price is struggling below $0.620. In order to attempt a new rally in the near term, the price must rise above the support at $0.5680.

• XRP is slowly falling from the $0.6620 resistance zone.
• The price is currently trading below the 100 simple moving average (4-hours) at $0.620.
• There is a major bearish trend line forming resistance near $0.600 on the 4-hour chart of the XRP/USD pair (data source: Kraken).
• A close below the support at $0.5680 could allow the pair to gain bearish momentum.

XRP price faces many hurdles

Over the past few sessions, XRP price has steadily fallen from levels well above $0.650. Similar to Bitcoin and Ethereum, there was a decline below the $0.620 and $0.605 support levels.

The price tested the $0.580 support. The low was formed around $0.5805 and the price is currently consolidating losses. Additionally, there is a major bearish trend line forming resistance near $0.600 on the 4-hour chart of the XRP/USD pair.

Ripple token price is currently trading below the 100 simple moving average (4-hours) at $0.620. On the upside, immediate resistance lies near the $0.600 zone and trend line. This is close to the 23.6% Fib retracement level of the downwave from the swing high of $0.6625 to the low of $0.5805.

The next major resistance level is near $0.620. This is close to the 50% Fib retracement level of the downwave from the swing high of $0.6625 to the low of $0.5805. A close above the $0.6250 resistance zone could trigger a significant rally. The next major resistance level is near USD 0.6620.

sauce: XRPUSD on TradingView.com

If the bulls sustain the action above the $0.6620 resistance, it could move higher towards the $0.680 resistance. Any further rise could push the price towards the $0.700 resistance.

Will there be more losses?

If XRP fails to break out of the $0.600 resistance zone, further decline could begin. The first support on the downside is near the $0.580 zone.

The next major support level is USD 0.5680. A downside break and a close below the $0.5680 level could cause the price to fall further. In the above case, the price is likely to retest the $0.5250 support zone.

technical indicators

4-hour MACD – The MACD of XRP/USD is currently pacing in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI of XRP/USD is currently below the 50 level.

Major support levels – $0.580, $0.5680, and $0.5250.

Key resistance levels – $0.600, $0.6250, $0.6620.

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