XRP price is struggling to recover above the $0.5140 resistance. The price must stay above the $0.4550 support to attempt a fresh increase in the near term.
- XRP is attempting a recovery wave above the $0.450 zone.
The price is now trading below $0.550 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $0.5440 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could gain bearish momentum if there is a close below the $0.4550 support.
XRP Price Turns Red
Following a consistent upward trend, the XRP price encountered difficulty surpassing the $0.6420 barrier as resistance. Subsequently, it took a turn for the worse, dropping beneath the $0.600 support level much like Bitcoin and Ethereum. There was a significant downward shift that pushed the price below the $0.500 mark.
After hitting the $0.3880 mark, the price formed a new low at $0.3875. Following this, the price began to rebound and rose above the $0.40 and $0.45 thresholds. Additionally, the price surpassed the 23.6% Fibonacci retracement level of the decline from the $0.6420 peak to the $0.3875 low.
The current price is currently sitting below the $0.550 mark and the 100-hour moving average. The next resistance point can be found around $0.5140, which is also where the 50% Fibonacci retracement level lies following the price drop from its peak at $0.6420 to its low of $0.3875.
The next key resistance is near $0.540. There is also a key bearish trend line forming with resistance at $0.5440 on the 4-hour chart of the XRP/USD pair. A close above the $0.540 resistance zone could spark a strong increase. The next key resistance is near $0.600.
if the bulls successfully push the price above the $0.600 barrier, we may witness a surge in price towards the next resistance at $0.6240. Should the price continue to rise, it could potentially reach the higher resistance level of $0.700.
Another Decline?
If XRP is unable to surpass the $0.5440 barrier, there’s a chance it may initiate another drop. The bottom support lies around the $0.480 mark.
If the price falls and breaks below $0.4550, it may lead to a faster decline. In such a scenario, the price could potentially touch the support area around $0.420 again.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing 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 – $0.480, $0.4550, and $0.420.
Major Resistance Levels – $0.5140, $0.5440, and $0.600.
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2024-04-17 07:52