XRP Faces Crucial Resistance at $0.65 – Here’s Why

Analysis2mos agoUpdate 6086cf...
43 0

In Brief

  • XRP encountered resistance at $0.65, signaling a challenging period ahead for its price trajectory, prompting a retreat to find support near $0.55.
  • Despite a bullish rebound from the support level, XRP faces resistance at $0.608 and $0.65, hindering its progress unless successfully cleared.
  • Bullish signals emerge in the daily and weekly charts, with a golden crossover indicating short to medium-term bullishness, yet caution is warranted against a notable downtrend against BTC.

The XRP price recently encountered resistance at the golden ratio level of around $0.65, experiencing a bearish rejection at this crucial Fibonacci resistance.

This rejection signals a challenging period ahead for Ripple’s price trajectory.

XRP Price Downtrend?

A few days ago, the XRP price approached the crucial golden ratio resistance at $0.65, but it faced a bearish rejection after several unsuccessful attempts to break through. Consequently, XRP retreated to find support near the golden ratio at $0.55, from which it saw a bullish rebound.

Notably, a golden crossover has emerged in the daily chart, signaling a bullish trend in the short to medium term.

XRP Faces Crucial Resistance at <img decoding=.65 – Here’s Why" />
XRP Price Chart. Source: Tradingview

However, the moving average convergence/divergence (MACD) histogram has been declining bearishly since yesterday, despite the MACD lines maintaining a bullish crossover while the Relative Strength Index (RSI) remains neutral.

XRP’s 4H Chart: Golden Crossover

A golden crossover has occurred in XRP’s 4H chart, affirming a short-term bullish trend, although the MACD lines remain bearishly crossed. Despite this, the RSI is neutral, and the MACD histogram shows bullish momentum.

However, XRP faces resistance at the 50-4H-EMA around $0.608, hindering its progress.

XRP Faces Crucial Resistance at <img decoding=.65 – Here’s Why" />
XRP Price Chart. Source: Tradingview

As a result, XRP may retreat to find support near the golden ratio at $0.55 unless it successfully clears the golden ratio resistance at $0.65 to end the correction.

Ripple’s Weekly Chart: Bullish Indicators

In XRP’s weekly chart, a golden crossover signals a bullish trend for the medium term, supported by an upward trend in the MACD histogram. Although the MACD lines are on the verge of a bullish crossover, the RSI remains neutral.

Breaking the Golden Ratio resistance at $0.65 could lead XRP towards significant Fibonacci resistance at $0.75, with further resistance at $0.923.

XRP Faces Crucial Resistance at <img decoding=.65 – Here’s Why" />
XRP Price Chart. Source: Tradingview

Conversely, if XRP retreats, it may find support near the golden ratio at $0.54, where the 50-week EMA also lies.

Ripple’s Monthly Chart: MACD Shows Bullish Trend

In the monthly chart, XRP indicators lean towards bullishness with a neutral RSI and bullish crossover in the MACD lines, accompanied by an uptrend in the MACD histogram.

XRP Faces Crucial Resistance at <img decoding=.65 – Here’s Why" />
XRP Price Chart. Source: Tradingview

This upward movement has persisted for months, but XRP has yet to witness a definitive bullish trend reversal. Breaking the golden ratio resistance at approximately $1.35 is crucial to achieve this.

XRP Price Remains Bearish Against Bitcoin

Ripple’s price is experiencing a notable downtrend against BTC, with the next significant support level for XRP price estimated at around 0.0000062 BTC.

XRP Faces Crucial Resistance at <img decoding=.65 – Here’s Why" />
XRP/BTC Price Chart. Source: Tradingview

Moreover, in the monthly chart, bearish signals are evident as the MACD lines have crossed negatively, and the MACD histogram displays a growing bearish inclination while the RSI remains in neutral territory.

This article is sourced from the internet: XRP Faces Crucial Resistance at $0.65 – Here’s Why

Related: Analyst Reveals 3 Signs That Will Tell You When Bitcoin Is About to Top

In Brief Dennis Liu, aka Virtual Bacon, devises a strategic exit plan for Bitcoin, focusing on price targets, time constraints, and technical analysis. The plan includes exiting at Bitcoin at $200,000 and Ethereum at around $15,000, by the end of 2025, or on specific technical indicators. Aimed at maximizing returns, this approach offers a disciplined investment strategy based on historical data and crypto market patterns. Discerning the optimal moment to exit the cryptocurrency market is as crucial as the decision to invest. Dennis Liu, also known as Virtual Bacon, shared a methodical and strategic approach to navigating the peaks and troughs of Bitcoin. He proposed a three-pronged exit plan, each element designed to signal when the market may have reached its top. 1. Price Targets: The First Harbinger The initial…

 

© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...