XRP Struggles to Break Resistance Levels as Price Dips to Key Support
The price of XRP has been facing challenges in breaking through the resistance levels at $0.5650 and $0.580. However, it is currently trading above $0.535 and the 100 simple moving average (4 hours), indicating potential for a fresh rally. There is a key bullish trend line forming with support at $0.5350 on the 4-hour chart of the XRP/USD pair.
XRP Price Dips to Key Support
Over the past few days, XRP experienced a recovery from the $0.520 zone, surpassing resistance levels at $0.535 and $0.550. However, it encountered resistance near $0.580, similar to Bitcoin and Ethereum. The recent high was at $0.5792 before a downside correction occurred, causing the price to drop below $0.550 and test the $0.535 support level.
Currently, XRP is trading above $0.535 and the 100 simple moving average (4 hours). There is also a bullish trend line forming with support at $0.5350 on the 4-hour chart of XRP/USD. Immediate resistance lies near the $0.5550 zone, followed by key resistance levels at $0.5620 and $0.580.
Another Decline?
If XRP fails to break through the resistance zone at $0.5550, it may experience another decline. Initial support can be found near the $0.535 zone and the trend line, with major support at $0.5220. A close below this level could lead to further downward movement towards the support zone at $0.480.
Technical Indicators:
- The MACD for XRP/USD is now losing momentum in the bearish zone.
- The RSI for XRP/USD is below the 50 level.
Major Support Levels: $0.535, $0.522, $0.480
Major Resistance Levels: $0.555, $0.565, $0.580
Hot Take: XRP Faces Resistance but Potential for a Fresh Rally
XRP has been struggling to break through resistance levels, but there is still potential for a fresh rally. The price recently dipped to key support at $0.535, but remains above the 100 simple moving average (4 hours). A bullish trend line is forming with support at $0.5350 on the 4-hour chart of XRP/USD.
If XRP fails to break through the resistance zone at $0.5550, it may experience another decline with initial support at $0.535 and major support at $0.5220. Technical indicators suggest a bearish momentum with the MACD in the bearish zone and the RSI below 50.
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