XRP Price Prediction – Downside Thrust Possible Before Fresh Surge To $0.72
November 27 2023 - 10:47PM
NEWSBTC
XRP price is moving lower from the $0.732 resistance. The price is
now at risk of more losses toward the $0.550 support before the
bulls take a stand. XRP started a downside correction below $0.638
and $0.612. The price is now trading below $0.625 and the 100
simple moving average (4 hours). There is a key declining channel
forming with resistance near $0.622 on the 4-hour chart of the
XRP/USD pair (data source from Kraken). The pair dive toward the
$0.550 support before the bulls take a stand. XRP Price Turns Red
In the past few days, XRP saw a steady decline from the $0.740
zone. There was a move below the $0.685 and $0.638 support levels.
The price even dived below the $0.612 support, underperforming
Bitcoin and Ethereum. There was a recovery wave from $0.572, but
the bears were active near $0.638. A high was formed near $0.6385
and the price is now moving lower. There was a break below the 50%
Fib retracement level of the upward move from the $0.5723 swing low
to the $0.6385 high. XRP is now trading below $0.625 and the 100
simple moving average (4 hours). There is also a key declining
channel forming with resistance near $0.622 on the 4-hour chart. On
the upside, immediate resistance is near the $0.615 level. The
first major resistance is near the $0.622 zone or the 100 simple
moving average (4 hours) or the channel upper zone. A close above
the $0.622 resistance zone could spark a steady increase. Source:
XRPUSD on TradingView.com The next key resistance is near $0.638.
If the bulls remain in action above the $0.638 resistance level,
there could be a rally toward the $0.700 resistance. Any more gains
might send XRP toward the $0.720 resistance. More Downsides? If XRP
fails to clear the $0.622 resistance zone, it could start a fresh
decline. Initial support on the downside is near the $0.588 zone.
The next major support is at $0.572. If there is a downside break
and a close below the $0.572 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 gaining 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 – $0.588, $0.572, and $0.540. Major
Resistance Levels – $0.622, $0.638, and $0.700.
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