CandleFocus

XRP Price Defends Support: Will Bulls Take Over?

Author: Content Editor
The XRP price is currently consolidating above the $0.5785 support level. To initiate a fresh increase in the near term, the price needs to settle above the resistance levels at $0.5920 and $0.600. Initially, the price struggled to remain above $0.6050 and experienced a downside correction, falling below the support levels at $0.600 and $0.590. However, buyers remained active near $0.5785, leading to a bounce back to test $0.5950. The price is now trading below $0.590 and the 100-hourly Simple Moving Average, finding bids near the 76.4% Fib retracement level at $0.5825. On the upside, the price may face resistance near the $0.5850 level, and major resistance levels are at $0.5920 and $0.600. A successful move above $0.600 could lead to further gains towards the resistances at $0.6120, $0.6250, or even $0.6320. However, a failure to clear the $0.5920 resistance zone may prompt another decline, with initial support at $0.5825 and major support levels at $0.5780, $0.5650, and $0.5550. The technical indicators, such as the MACD and RSI, suggest a bearish trend for XRP/USD.

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