XRP price continues to face challenges below the $0.620 mark, with the need to maintain support above $0.5680 in order to see any potential for a new uptrend in the near future. The cryptocurrency has been gradually declining from the $0.6620 resistance zone, currently trading below $0.620 and the 100 simple moving average on the 4-hour chart.
A major bearish trend line is forming, indicating that the pair could experience bearish momentum if there is a close below the $0.5680 support level. Despite attempts to climb back up, XRP is struggling to break past the $0.600 zone and the trend line. The immediate resistance lies near the $0.600 zone, followed by the $0.620 mark. If the price manages to close above the $0.6250 resistance, it could potentially trigger a significant increase towards the $0.6620 resistance.
While a bullish rally could push XRP towards the $0.680 and $0.700 resistance levels, failure to surpass the $0.600 resistance could lead to another downward trend. In such a scenario, initial support lies at the $0.580 zone, with major support at $0.5680. A break below this level could result in further downward pressure, potentially retesting the $0.5250 support zone.
The MACD for XRP/USD is currently showing bearish tendencies on the 4-hour chart, indicating growing selling pressure. The RSI for XRP/USD is also below the 50 level, further reinforcing the bearish sentiment in the market.
XRP price is facing significant hurdles below the $0.620 mark, with the need to maintain support above $0.5680 to avoid further decline. The resistance levels at $0.600, $0.6250, and $0.6620 will be crucial in determining the cryptocurrency’s next move. Traders and investors are advised to conduct their own research and due diligence before making any investment decisions, as the market carries inherent risks.