The price of Ripple’s token, XRP, is currently going through a consolidation phase above the $0.620 level against the US Dollar. However, it is approaching a potentially significant turning point as it encounters strong resistance near the $0.650 mark. The outcome of this price level could have important implications for the future trajectory of XRP.
In recent trading sessions, XRP has faced difficulties in surpassing the $0.6650 resistance level, which is in line with the struggles experienced by other major cryptocurrencies such as Bitcoin and Ethereum.
After reaching a high of around $0.6654, XRP underwent a fresh decline, retracing its gains. It slipped below the pivotal $0.650 level and even dipped below the 50% Fibonacci retracement level of the upward move from the $0.5926 swing low to the $0.6654 high. Moreover, the price breached the support zone at $0.635, indicating a potential weakening of the bullish momentum.
Presently, XRP is trading below both the $0.65 level and the 100 simple moving average (4 hours), signaling a bearish sentiment prevailing in the market. On the 4-hour chart of the XRP/USD pair, a key bearish trend line is forming with resistance near $0.628, adding an additional barrier to the price’s upward movement.
Taking a look at the technical indicators, the 4-hour MACD (Moving Average Convergence Divergence) for XRP/USD is currently displaying a loss of momentum in the bearish zone, indicating a prevailing negative bias. Additionally, the 4-hour RSI (Relative Strength Index) for the pair is below the 50 level, further suggesting a bearish sentiment.
Source: XRPUSD on TradingView.com
