XRP price is currently struggling to surpass the $0.6420 resistance level. To initiate a potential bullish streak, the price needs to maintain support above $0.600 in the near term.
Currently, XRP is gradually declining and trading below $0.6120 in the market and the 100 simple moving average on the 4-hour chart.
However, there is a notable bullish trend line forming at $0.6020, which could provide support. A close below the $0.600 support level may lead to further bearish momentum. On the upside, if XRP manages to break above the resistance levels at $0.6220 and $0.6420, it has the potential for a strong upward movement.
The next significant resistance levels are anticipated near $0.610 and $0.6220. Conversely, failure to surpass the resistance zone could result in another downward move.
Initial support levels to watch are at $0.6020 and the mentioned bullish trend line, followed by a major support level at $0.580. Technical indicators such as the MACD and RSI suggest a bearish outlook, with the MACD gaining pace in the bearish zone and the RSI below the 50 level.
Source: NEWSBTC
