XRP Price At Make-Or-Break Moment, Key Levels To Watch

XRP price is struggling to clear the $0.520 resistance. The price could gain bearish momentum if there is a close below the $0.4850 support.

    XRP is showing bearish signs below the $0.520 and $0.508 resistance levels.
    The price is now trading below $0.520 and the 100 simple moving average (4 hours).
    There is a connecting bearish trend line forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
    The pair is now at risk of more downsides below the $0.5000 support zone.

XRP Price Faces Many Hurdles

In the past few days, XRP price saw a downside reaction below the $0.550 pivot level. The bears remained active and were able to push the price below the $0.500 support zone.

Recently, there was a recovery wave above the $0.500 level. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $0.5390 swing high to the $0.4850 low. However, the bears were active near the $0.525 resistance.

Ripple’s token failed to clear the 76.4% Fib retracement level of the downward wave from the $0.5390 swing high to the $0.4850 low. XRP is now trading in a bearish zone below $0.508 and the 100 simple moving average (4 hours), unlike Bitcoin and Ethereum.

On the upside, immediate resistance is near the $0.512 zone. There is also a connecting bearish trend line forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair. The first key resistance is near $0.520, above which the price could rise toward the $0.5320 resistance.

XRP Price At Make-Or-Break Moment, Key Levels To Watch

A close above the $0.5320 resistance zone could spark a strong increase. The next key resistance is near $0.5550. If the bulls remain in action above the $0.5550 resistance level, there could be a rally toward the $0.5840 resistance. Any more gains might send the price toward the $0.6000 resistance.

More Downsides?

If XRP fails to clear the $0.5120 resistance zone, it could continue to move down. Initial support on the downside is near the $0.500 zone.

The next major support is at $0.485. If there is a downside break and a close below the $0.485 level, the price might accelerate lower. In the stated case, the price could retest the $0.450 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.500, $0.485, and $0.450.

Major Resistance Levels – $0.512, $0.520, and $0.532.

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2024-02-07 21:21