As long as the price remains above the support levels, the short term trend remains bullish. Upside momentum could pick up on a break above Resistance Zone #2. Meanwhile, a breakdown below the Fibonacci support levels or supply zones would signal a potential trend reversal to the downside.
For a more in-depth technical analysis across different timeframes, please click the link to view the identified levels of support and resistance, trends, and reversal patterns on the weekly, daily, and 1-hour charts.
4 Hour Timeframe
The XRP/USDT pair has been trading within an ascending channel on the 4 hour time frame over the past few weeks. We can identify two key resistance zones at 0.5941-0.5778 and 0.6439-0.6320 based on the recent swing highs in the channel. Immediate resistance lies at 0.6127-0.6056 provided by the local swing highs.
On the downside, there is strong support at the 0.5532, 0.5696 and 0.5863 Fibonacci retracement levels. Deeper support lies at 0.6097 and 0.6230 based on the 0.786 and 0.882 Fib levels respectively.
There are also two identified supply zones where selling pressure is likely to increase. Supply Zone #1 is between 0.5938-0.5851, while Supply Zone #2 lies at 0.6394-0.6260.
Lastly, two bearish fair value gaps have formed indicating sellers are likely to step in and defend those levels. Bearish FVG #1 is from 0.6115-0.5938 and Bearish FVG #2 ranges from 0.6260-0.6186.
Support and Resistance Levels
S/R Type | High | Low |
Resistance Zone #1 | 0.5941 | 0.5778 |
Resistance Zone #2 | 0.6439 | 0.6320 |
Local Support | 0.6127 | 0.6056 |
Fibonacci Retracement Levels
0.382 | 0.5532 |
0.50 | 0.5696 |
0.618 | 0.5863 |
0.786 | 0.6097 |
0.882 | 0.6230 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 0.5938 | 0.5851 |
Supply Zone #2 | 0.6394 | 0.6260 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bearish FVG #1 | 0.6115 | 0.5938 |
Bearish FVG #2 | 0.6260 | 0.6186 |