XRP Price Prediction: Dips Turn Attractive In Near Term As Bulls Lose Control
06 Mars 2024 - 5:58AM
NEWSBTC
XRP price started a downside correction from the $0.6700
resistance. The bulls are now active above $0.5400 and might aim
for a fresh increase. XRP started a fresh increase above the $0.600
resistance level. The price is now trading above $0.550 and the 100
simple moving average (4 hours). There was a break below a key
rising channel with support at $0.610 on the 4-hour chart of the
XRP/USD pair (data source from Kraken). The pair could start a
fresh rally if there is a close above the $0.60 resistance zone.
XRP Price Revisits Support In the past few days, XRP price climbed
higher from the $0.550 zone. There was a move above the $0.580 and
$0.600 resistance levels. However, the upside was less compared to
Bitcoin and Ethereum. The price even climbed above the $0.650
resistance before the bears appeared. A new multi-week high was
formed near $0.6692 before the price dived. There was a strong
bearish wave below the $0.620 support. There was a break below a
key rising channel with support at $0.610 on the 4-hour chart of
the XRP/USD pair. The pair even dived below the $0.600 level. A low
was formed near $0.530 and the price is now attempting a fresh
increase. There was a move above the $0.560 level and the 23.6% Fib
retracement level of the downward move from the $0.6692 swing high
to the $0.530 low. Ripple’s token price is now trading above $0.550
and the 100 simple moving average (4 hours). On the upside,
immediate resistance is near the $0.600 zone or the 50% Fib
retracement level of the downward move from the $0.6692 swing high
to the $0.530 low. The first key resistance is near $0.6240, above
which the price could rise toward the $0.650 resistance. A close
above the $0.650 resistance zone could spark a strong increase.
Source: XRPUSD on TradingView.com The next key resistance is near
$0.680. If the bulls remain in action above the $0.680 resistance
level, there could be a rally toward the $0.7050 resistance. Any
more gains might send the price toward the $0.7320 resistance.
Another Decline? If XRP fails to clear the $0.60 resistance zone,
it could start another decline. Initial support on the downside is
near the $0.562 zone. The next major support is at $0.540 and a
connecting bullish trend line. If there is a downside break and a
close below the $0.540 level, the price might accelerate lower. In
the stated case, the price could retest the $0.5120 support zone.
Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now
losing pace in the bullish zone. 4-Hours RSI (Relative Strength
Index) – The RSI for XRP/USD is now below the 50 level. Major
Support Levels – $0.5620, $0.540, and $0.5120. Major Resistance
Levels – $0.600, $0.6240, and $0.650.
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