XRP price recently experienced a downside correction, dipping to the $0.572 mark. However, the price has now embarked on a rising trend, potentially gaining bullish momentum if it manages to surpass the $0.642 level. This correction came after XRP failed to breach the $0.740 resistance zone, which sparked a new decline. It slid past the support levels of $0.70 and $0.650. In fact, XRP even dipped below the $0.60 support, underperforming both Bitcoin and Ethereum.
Amidst these fluctuations, XRP price managed to find some support near $0.572, resulting in a low point formation. Currently, it is making an effort to bounce back. The first significant development was the breakthrough of the $0.600 resistance. Additionally, a notable bearish trend line was broken with resistance near $0.608 on the four-hour chart of the XRP/USD pair. The price is now testing the 23.6% Fib retracement level, measuring from the $0.7499 swing high to the $0.5723 low.
Moving forward, the immediate resistance stands near the $0.615 level, followed by the key $0.642 zone, which is in close proximity to the 100 simple moving average (4 hours). The latter also corresponds to the 50% Fib retracement level of the downward move from the $0.7499 swing high to the $0.5723 low. If the XRP price manages to close above this important resistance zone, it has the potential to trigger a substantial increase.
Looking ahead, the subsequent major resistance level lies near $0.682. Should the bulls sustain their momentum beyond this point, a rally towards the $0.720 resistance may be seen. Further gains could potentially push XRP price to reach the crucial $0.750 resistance. However, if the $0.642 resistance zone proves formidable for XRP, it might experience another decline. Initially, support on the downside is sustained near the $0.588 zone, followed by a more significant support at $0.572. If the price drops further and firmly closes below the $0.572 level, XRP might experience accelerated downward movement, potentially revisiting the $0.540 support zone.
As per the technical indicators, the four-hour MACD for XRP/USD currently indicates a pick up in bullish momentum. Meanwhile, the four-hour RSI (Relative Strength Index) for XRP/USD hovers just above the 50 level.
XRP price encountered a downside correction but is now attempting a recovery. Its performance in relation to Bitcoin and Ethereum has been lackluster in recent times. However, with the breakthrough of resistance levels and potential bullish momentum, XRP might be able to regain its previous strength. Traders and investors should closely monitor the key resistance levels and potential support zones to gauge the future trajectory of XRP price.