XRP Price Uptrend To Continue? These Could Be The Factors To Watch
January 17 2024 - 12:58AM
NEWSBTC
XRP price is consolidating above the $0.5400 support. The price
could start a fresh rally if there is a clear move above the $0.600
resistance. XRP is struggling to clear the $0.588 and $0.600
resistance levels. The price is now trading below $0.5920 and the
100 simple moving average (4 hours). There is a major bearish trend
line forming with resistance near $0.600 on the 4-hour chart of the
XRP/USD pair (data source from Kraken). The pair start a fresh
rally if it clears the $0.588 and $0.600 resistance levels. XRP
Price Aims Higher After a decent recovery wave, XRP price was able
to settle above the $0.5640 pivot level. A base was formed near
$0.5460, and the price started a consolidation phase, unlike
Bitcoin and Ethereum. There was a minor increase above the $0.570
resistance zone. However, the bears seem to be active near the
$0.5880 resistance zone. It faced a rejection near the 50% Fib
retracement level of the recent decline from the $0.6238 swing high
to the $0.5545 low. The price is now trading below $0.5920 and the
100 simple moving average (4 hours). On the upside, immediate
resistance is near the $0.588 zone. The first key resistance is
near $0.600. There is also a major bearish trend line forming with
resistance near $0.600 on the 4-hour chart of the XRP/USD pair. The
trend line is near the 61.8% Fib retracement level of the recent
decline from the $0.6238 swing high to the $0.5545 low. Source:
XRPUSD on TradingView.com A close above the $0.600 resistance zone
could spark a strong increase. The next key resistance is near
$0.625. If the bulls remain in action above the $0.625 resistance
level, there could be a rally toward the $0.665 resistance. Any
more gains might send the price toward the $0.700 resistance.
Downside Break? If XRP fails to clear the $0.600 resistance zone,
it could start a fresh decline. Initial support on the downside is
near the $0.5450 zone. The next major support is at $0.5220. If
there is a downside break and a close below the $0.5220 level, XRP
price might accelerate lower. In the stated case, the price could
retest the $0.4850 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 – $0.5450, $0.5220, and
$0.4850. Major Resistance Levels – $0.5880, $0.600, and $0.6250.
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