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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
After a steady increase, XRP price struggled to clear the $0.6420 resistance. It started a fresh decline below the $0.600 support, like Bitcoin and Ethereum. There was a sharp move below the $0.500 support.
Finally, the price tested the $0.3880 zone. A low was formed at $0.3875 and the price started a recovery wave. There was a move above the $0.40 and $0.450 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low.
The price is now trading below $0.550 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.5140 level and the 50% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low.
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.
Source: XRPUSD on TradingView.com
If the bulls remain in action above the $0.600 resistance level, there could be a rally toward the $0.6240 resistance. Any more gains might send the price toward the $0.700 resistance.
Another Decline?
If XRP fails to clear the $0.5440 resistance zone, it could start another decline. Initial support on the downside is near the $0.480 level.
The next major support is at $0.4550. If there is a downside break and a close below the $0.4550 level, the price might accelerate lower. In the stated case, the price could retest the $0.420 support zone.
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.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
