XRP Price Faces Resistance Levels
In recent days, the price of XRP has experienced a downward reaction, falling below the $0.550 pivot level and the $0.500 support zone.
Although there was a recovery wave above the $0.500 level, the bears prevented the price from surpassing the $0.525 resistance. Ripple’s token failed to clear key resistance levels and is now trading in a bearish zone below $0.508 and the 100 simple moving average (4 hours).
The immediate resistance is near the $0.512 zone, where there is also a bearish trend line forming on the 4-hour chart of the XRP/USD pair. The first significant resistance is at $0.520, followed by $0.5320.
A close above the $0.5320 resistance could trigger a strong increase in price, potentially leading to further gains towards $0.5550 and even $0.5840.
Possible Downside Movement
If XRP fails to clear the $0.5120 resistance zone, it may continue to move downwards. Initial support is at around $0.500, with major support at $0.485.
A downside break below $0.485 could accelerate further losses, potentially testing the $0.450 support level.
Technical Indicators
The MACD for XRP/USD on the 4-hour chart indicates a bearish trend, while the RSI is below 50, suggesting further downside potential.
Source: XRPUSD on TradingView.com
Hot Take: XRP Faces Resistance and Potential Downside
The price of XRP is currently facing several hurdles, including resistance levels at $0.512 and $0.520. If these levels are not surpassed, there is a risk of further downside movement below the support zone at $0.500. Technical indicators suggest a bearish trend for XRP, with the MACD gaining pace in the bearish zone and the RSI below 50. However, a close above the $0.5320 resistance level could spark a strong increase in price, potentially leading to further gains towards $0.5550 and $0.5840.
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