#XRP #Cryptocurrency #CryptoMarket #CryptocurrencyTrading #XRPPriceMovement #XRPUSD #CryptocurrencyInvestment #CryptoPriceAnalysis
The past week saw XRP experiencing a significant drop below the $0.550 level, even plunging below the $0.500 support. More notably, it dipped under $0.480 briefly. The low point hovered around the $0.4541 mark. However, currently, the price is displaying a positive trend, much like its peers, Bitcoin and Ethereum. XRP managed to surpass the $0.500 and $0.520 resistance levels. However, despite clearing the 61.8% Fib retracement level of the major decrease from the $0.640 high to the $0.454 low, it is currently stuck underneath the $0.5950 and the 100 simple moving average (4 hours).
With regards to the upside, immediate resistance is near the $0.595 territory that also corresponds to the 76.4% Fib retracement level from the major tumble observed from the $0.640 high to $0.454 low. Key resistance zones for the cryptocurrency are hovering around $0.600 and $0.608. Concurrently, there is a key bearish trend line forming resistance in the vicinity of $0.6080 on the 4-hour chart of the XRP/USD pair. A close above the resistance at $0.6080 may ignite a strong upward motion. The next significant resistance lies near $0.640, and if bulls maintain momentum, it might signal a rally towards the $0.670 resistance. If the positive trend continues, the token’s price could touch the $0.700 resistance.
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