Ripple's token price has been consolidating above $0.620 against the US dollar, with the potential for a significant increase if it surpasses the $0.650 level.
The token price of Ripple has fallen from the resistance level of $0.6650 against the US dollar. Currently, the price is below $0.65 and the 100 simple moving average (4 hours). On the 4-hour chart of the XRP/USD pair, a significant bearish trendline is forming with a resistance near $0.628 (data source from Kraken). If there is no movement above $0.63 and $0.65, the pair could continue to decline.
After a wave of recovery, Ripple's XRP struggled to overcome the $0.6650 resistance level against the US dollar. A high formed at $0.6654 before the price started to fall again, similar to Bitcoin and Ethereum.
The price moved below the pivot level of $0.650 and fell below the 50% Fibonacci retracement level of the upward movement from the swing low of $0.5926 to the high of $0.6654. The price even fell below the support zone of $0.635.
XRP is now trading below $0.65 and the 100 simple moving average (4 hours). On the 4-hour chart of the XRP/USD pair, a significant bearish trendline is also forming with a resistance near $0.628.
The initial upward resistance is near the $0.628 zone and the trendline. The next major resistance is near the $0.650 mark and the 100 simple moving average (4 hours). The main resistance is currently forming near the $0.6650 zone.
A successful breakthrough above the $0.6650 resistance level could push the price towards the $0.70 resistance level. Further gains could require a test of the $0.720 resistance level.
However, if Ripple fails to overcome the $0.650 resistance zone, there could be further declines. The first support below is near the $0.620 zone and the 61.8% Fibonacci retracement level of the upward movement from the swing low of $0.5926 to the high of $0.6654.
The next major support is near $0.60. If there is a breakthrough below and a closing price below the $0.60 mark, the XRP price could extend its losses. In that case, the price could retest the support zone of $0.585.
In terms of technical indicators, the 4-hour MACD for XRP/USD is losing momentum in the bearish zone, while the 4-hour RSI (Relative Strength Index) is now below the 50 mark.
Key support levels are $0.62, $0.60, and $0.585, while the main resistance levels are $0.628, $0.650, and $0.665.
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