XRP Price at Potentially Significant Turning Point, Key Support Nearby

2023-08-15 06:12:28

Ripple’s token price is consolidating above $0.620 against the US Dollar. XRP price might start a decent increase if there is a clear move above $0.650.

Ripple’s token price is moving lower from the $0.6650 resistance against the US dollar.
The price is now trading below $0.65 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.628 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might continue to decline if there is no move above $0.63 and $0.65.

Ripple’s Token Price Dips Again

After a recovery wave, Ripple’s XRP struggled to clear the $0.6650 resistance against the US Dollar. A high was formed near $0.6654 before the price started a fresh decline, similar to Bitcoin and Ethereum.

There was a move below the $0.650 pivot level. The price declined below the 50% Fib retracement level of the upward move from the $0.5926 swing low to the $0.6654 high. The price even declined below the $0.635 support zone.

XRP is now trading below $0.65 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.628 on the 4-hour chart of the XRP/USD pair.

Initial resistance on the upside is near the $0.628 zone and the trend line. The next major resistance is near the $0.650 level and the 100 simple moving average (4 hours). The main resistance is now forming near the $0.6650 zone.

Source: XRPUSD on TradingView.com

A successful break above the $0.6650 resistance level might send the price toward the $0.70 resistance. Any more gains might call for a test of the $0.720 resistance.

More Losses in XRP?

If ripple fails to clear the $0.650 resistance zone, it could start another decline. Initial support on the downside is near the $0.620 zone and the 61.8% Fib retracement level of the upward move from the $0.5926 swing low to the $0.6654 high.

The next major support is near $0.60. If there is a downside break and a close below the $0.60 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.585 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 – $0.62, $0.60, and $0.585.

Major Resistance Levels – $0.628, $0.650, and $0.665.

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