XRP Price Prediction – Breaking This Resistance Could Spark Fresh Rally
November 14 2023 - 11:28PM
NEWSBTC
XRP price started a downside correction from the $0.750 zone. The
price retested the $0.600 support zone and might soon attempt a
fresh rally. XRP started a downside correction from the $0.750
resistance zone. The price is now trading below $0.650 and the 100
simple moving average (4 hours). There is a major bearish trend
line forming with resistance near $0.6550 on the 4-hour chart of
the XRP/USD pair (data source from Kraken). The pair might correct
further lower, but the bulls could remain active near $0.600. XRP
Price Dips Below $0.650 After rallying above the $0.720 resistance,
XRP faced resistance. The price struggled to clear the $0.750
barrier and recently started a downside correction, like Bitcoin
and Ethereum. The price declined below the $0.720 and $0.700
support levels. The bears even pushed it below the $0.650 pivot
level. However, the bulls were active near the $0.600 zone. A low
is formed near $0.5938 and the price is now attempting a fresh
increase. XRP is now trading below $0.650 and the 100 simple moving
average (4 hours). There is also a major bearish trend line forming
with resistance near $0.6550 on the 4-hour chart of the XRP/USD
pair. On the upside, immediate resistance is near the $0.630 level
or the 23.6% Fib retracement level of the recent decline from the
$0.7499 swing high to the $0.5938 low. The first major resistance
is near the $0.640 zone or the trend line. Source: XRPUSD on
TradingView.com A close above the trend line could send the price
toward the $0.672 resistance. It is near the 50% Fib retracement
level of the recent decline from the $0.7499 swing high to the
$0.5938 low. If the bulls remain in action above the $0.672
resistance level, there could be a rally toward the $0.750
resistance. Any more gains might send XRP toward the $0.788
resistance. Are Dips Limited? If XRP fails to clear the $0.640
resistance zone, it could continue to move down. Initial support on
the downside is near the $0.620 zone. The next major support is at
$0.600. If there is a downside break and a close below the $0.600
level, XRP price might accelerate lower. In the stated case, the
price could retest the $0.540 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 – $0.620,
$0.600, and $0.540. Major Resistance Levels – $0.630, $0.640, and
$0.672.
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