Having started a strong upward trend from $0.60 yesterday, XRP price managed to reach $0.68. Despite the effort, it failed to stabilize above $0.67 and had to face a correction. And so yesterday, XRP price fell all the way down to $0.62. Following that, Ripple tried to go upwards again, yet hit a stop at $0.63 and continue with the bearish trend today. As a consequence, ripple fell down to $0.613 today. On its way, by hitting an upward trendline, XRP price was supported and currently is at $0.6250 zone.
the 1-hour chart indicates that by hitting the SMA100, XRP price was supported and managed to bounce back. This trend was also accompanied by Bitcoin`s surge which helped XRP to successfully reach $0.68. However, in that zone the resistance levels stopped the trend. With that, a newly made triple top formation pushed the price back.
In the price correction yesterday, XRP price lost the crucial support zone in $0.65 to $0.6450 and had to retreat back to $0.62. Following the decline, it tried to move up but was once again defeated by the $0.63 resistance. Today, XRP price was brought down to $0.613. At that price, the upward trendline and the SMA100 were able to halt the decline, giving XRP another chance of growth.
For the bullish trend, the very first resistance level is at the $0.6280 to $0.63 zone, located near the 23.6% Fibonacci retracement. Following that, the $0.6350 is next on the line. However, the crucial resistance level for further growth is the $0.6450 to $0.65 zone close to the 50% and 61.8% Fibonacci retracement. In case of a breakthrough, XRP price will have a chance of reaching $0.6650 and then $0.6750 to $0.68 zone.
On the other hand, in case of failure to surpass the $0.63 to $0.65 zone, we could expect further decline.
On the way down, the $0.62 and then the $0.6150 near the SMA100 and the upward trendline are the important support levels. In case of losing those supports, the $0.61 to $0.60 will be the next ones to support the XRP price. Following them, the $0.59 and $0.58 will be the next ones.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator is on a downward momentum.
RSI: the relative strength index is approximately 40.
Resistance levels: XPR`s first resistance level is at $0.6280 to $0.63 zone. followed by $0.6350. Then, the $0.6450 to $0.65 zone and finally, the $0.6650 and $0.68 coming next.
Support levels: the first support level is at $0.62, then the $0.6150 to $0.61 zone. Then the $0.60 and $0.59 will follow.
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