XRP Price Analysis: XRP Faces Uphill Task Near $0.65

11 months ago 3

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XRP price started a fresh decline from the $0.630 resistance against the US dollar.
The price is now trading below $0.622 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.620 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
The pair could extend losses if it breaks the $0.598 support zone.

XRP price is struggling below $0.620 against the US Dollar, unlike Bitcoin. The price could decline further if it settles below the $0.592 support in the near term.

XRP Price Analysis

In the past few hours, Ripple’s XRP price started a fresh decline from well above $0.630 against the US Dollar. The XRP/USD pair stayed below the $0.630 level with a bearish angle.

The bears were able to push the price below the $0.620 support. The pair broke the 23.6% Fib retracement level of the upward move from the $0.5781 swing low to the $0.6309 high. It is now trading below $0.620 and the 55 simple moving average (4 hours).

Initial support on the downside is near $0.604. The next major support is near the $0.598 level or the 61.8% Fib retracement level of the upward move from the $0.5781 swing low to the $0.6309 high. The main support sits at $0.585.

Any more losses could lead the price toward the $0.565 level, below which the price might even test $0.535. On the upside, the price is facing resistance near $0.618. There is also a key bearish trend line forming with resistance near $0.620 on the 4-hour chart of the XRP/USD pair.

The next major resistance is near the $0.630 level. A clear move above $0.630 might start a fresh increase. In the stated case, the price could even surpass the $0.650 resistance. Any more gains might send the price toward the $0.680 resistance.

Looking at the chart, XRP price is now trading below the $0.620 zone and the 55 simple moving average (4 hours). Overall, the price could extend losses if it breaks the $0.598 support zone.