XRP Price Prediction: Bulls Take Hit But This Level Could Trigger Another Increase
22 February 2024 - 4:48PM
NEWSBTC
XRP price started a downside correction from the $0.580 resistance.
The price could start a fresh rally unless there is a close below
the $0.535 support. XRP is struggling to clear the $0.5650 and
$0.580 resistance levels. The price is now trading above $0.535 and
the 100 simple moving average (4 hours). There is a key bullish
trend line forming with support at $0.5350 on the 4-hour chart of
the XRP/USD pair (data source from Kraken). The pair could start a
fresh rally unless there is a close below the $0.535 support. XRP
Price Dips To Key Support In the past few days, XRP price recovered
higher from the $0.520 zone. There was a move above the $0.535 and
$0.550 resistance levels. However, the bears remained active near
the $0.580 resistance and protected more upsides, like Bitcoin and
Ethereum. The recent high was formed at $0.5792 before there was a
downside correction. There was a move below the $0.550 level. The
price even tested the $0.535 support. A low is formed near $0.5322
and the price is now consolidating losses. Ripple’s token price is
now trading above $0.535 and the 100 simple moving average (4
hours). There is also a key bullish trend line forming with support
at $0.5350 on the 4-hour chart of the XRP/USD pair. On the upside,
immediate resistance is near the $0.5550 zone. It is close to the
50% Fib retracement level of the downward move from the $0.5793
swing high to the $0.5322 low. The first key resistance is near
$0.5620 or the 61.8% Fib retracement level of the downward move
from the $0.5793 swing high to the $0.5322 low, above which the
price could rise toward the $0.580 resistance. A close above the
$0.580 resistance zone could spark a strong increase. Source:
XRPUSD on TradingView.com The next key resistance is near $0.600.
If the bulls remain in action above the $0.600 resistance level,
there could be a rally toward the $0.620 resistance. Any more gains
might send the price toward the $0.650 resistance. Another Decline?
If XRP fails to clear the $0.5550 resistance zone, it could start
another decline. Initial support on the downside is near the $0.535
zone and the trend line. The next major support is at $0.5220. If
there is a downside break and a close below the $0.5220 level, the
price might accelerate lower. In the stated case, the price could
retest the $0.480 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 – $0.535, $0.522, and
$0.480. Major Resistance Levels – $0.555, $0.565, and $0.580.
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