The pair could gain bearish momentum if it closes below the $0.5680 support.
The cryptocurrency market is in a bull run and although Ripple seems to have fallen behind, crypto analyst Zach Rector has pointed out that XRP has clear fundamentals to not miss the race, according to Scott Matherson in News BTC.
Rector mentioned in an X post that XRP will not miss this bull run. In a video attached to his post, the crypto expert highlighted the fundamentals of the crypto token as one of the reasons why he maintains this belief despite XRP’s tepid price action. Rector further stated that the token and XRP Ledger (XRPL) have some of the best fundamentals in the crypto space.
The XRP price is struggling below $0.620. The price must stay above the $0.5680 support to attempt a fresh rise in the near term. XRP is slowly moving down from the $0.6620 resistance zone.
The price is now trading below $0.620 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 feed from Kraken).
XRP Price Faces Many Obstacles
Over the past few sessions, the XRP price saw a steady decline from well above the $0.650 level. There was a drop below the $0.620 and $0.605 support levels in Bitcoin and Ethereum, respectively.
The price tested the $0.580 support. A low was formed near $0.5805 and the price is now consolidating losses. 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 Ripple token price is now trading below $0.620 and the 100 simple moving average (4-hours).
On the upside, immediate resistance is near the $0.600 area and the trend line. It is close to the 23.6% Fib retracement level of the descending wave from the high of $0.6625 to the low of $0.5805. The next key resistance is near $0.620. It is near the 50% Fibonacci retracement level of the descending wave from the high of $0.6625 to the low of $0.5805.
A close above the $0.6250 resistance zone could lead to a sharp rise. The next key resistance is near $0.6620. If the bulls remain in action above the $0.6620 resistance level, there could be a rally towards the $0.680 resistance. Any further gains could send the price towards the $0.700 resistance.
More Losses?
If XRP fails to break above the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.580 area. The next major support is at $0.5680. If there is a break down and close below the $0.5680 level, the price could accelerate lower. In the given case, the price could retest the $0.5250 support zone.
According to CryptoPredictions, XRP started April 2024 at $0.00587384 and is forecast to end the month at $0.55499629314356. During April, the expected high price of XRP is $1.013 and the low is $0.00587384.
The XRP price for today (03.04.2024) is forecast to be in the price range of $0.53419985148256 – $0.78558801688611. XRP price is expected to end at $0.62847041350889 today.
4-Hour MACD Technical Indicators: The MACD for XRP/USD is now gaining pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels: $0.580, $0.5680, and $0.5250.
Main resistance levels: $0.600, $0.6250 and $0.6620.
By Leonardo Perez
