XRP Price Prediction – Will Bearish Trend Push Prices Under $0.50?

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As an experienced financial analyst, I have closely monitored the XRP market for some time now. Based on my technical analysis, it appears that XRP is currently facing resistance near the $0.520 level, which could lead to bearish momentum if broken. The price has attempted a fresh increase but has been unable to sustain above this resistance level.

The price of XRP is having a hard time bouncing back above the $0.520 mark of resistance. If it falls below the $0.50 support level, the trend may turn bearish.

    XRP is attempting a fresh increase and facing hurdles near $0.520.
    The price is now trading near $0.5150 and the 100 simple moving average (4 hours).
    There is a major bearish trend line forming with resistance at $0.520 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
    The pair could gain bullish momentum if there is a close above the $0.520 resistance.

XRP Price Aims Upside Break

I’ve observed an uptrend in XRP‘s price recently, surpassing the resistance level at $0.550 and reaching as high as $0.5705. Following this growth spurt, a pullback ensued, causing the price to dip below the crucial support zone of $0.5250. This pattern mirrors similar movements in Bitcoin and Ethereum.

The price dipped as low as $0.4980, forming a new low at $0.4990. Currently, it’s hovering around the 23.6% Fibonacci retracement level of the decline from the $0.5705 peak to the $0.4990 trough. It also resides close to the $0.5150 mark and the 100-simple moving average (SMA) on the 4-hour chart.

The $0.520 mark on the XRP/USD chart presents significant resistance for immediate price advancements. Additionally, a noticeable downtrend line emerges on the 4-hour chart with resistance at this level.

As a researcher studying financial markets, I’ve identified two significant resistance levels for the asset in question. The first one is around $0.5350 or the 50% Fibonacci retracement level of the recent downtrend from the peak at $0.5705 to the low at $0.4990. Overcoming this resistance could lead to a robust price increase. The second resistance is located at $0.570. Should the bulls manage to keep control above this hurdle, we might witness a rally propelling the price toward the $0.620 resistance. Any additional gains could potentially drive the asset price up towards the $0.680 resistance level.

More Losses?

If XRP is unable to surpass the $0.520 resistance point, there’s a risk of another price drop. The lower limit of support can be found around $0.500.

If the price breaks down significantly and closes below the $0.490 mark, it may lead to a further decline. In such a scenario, the price could potentially revisit the support area around $0.460.

Technical Indicators

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

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

Major Support Levels – $0.500, $0.4990, and $0.460.

Major Resistance Levels – $0.520, $0.5350, and $0.570.

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2024-04-30 08:46