XRP Struggles to Break Resistance Levels
XRP is facing challenges in surpassing the $0.5350 and $0.5380 resistance levels. However, it is currently trading above $0.520 and the 100 simple moving average (4 hours). A bullish trend line is also forming with support at $0.5170 on the 4-hour chart of XRP/USD.
XRP Price Aims for a New Rally
After recovering from the $0.4980 zone, XRP experienced a price increase. It broke through the $0.505 and $0.5120 resistance levels, but encountered resistance near $0.5380, unlike Bitcoin and Ethereum.
The price reached a recent high of $0.5375 before undergoing a downside correction. It dipped below $0.5220 and even breached the 50% Fib retracement level of the upward move from the $0.4980 low to the $0.5375 high.
Currently, XRP is trading above $0.520 and the 100 simple moving average (4 hours). There is also a bullish trend line with support at $0.5170 on the 4-hour chart of XRP/USD. The immediate resistance lies around the $0.5300 mark.
Source: XRPUSD on TradingView.com
If XRP manages to clear the resistance zone at $0.5380, it may rally towards the $0.550 resistance level. Breaking above this zone could lead to further gains, with the next significant resistance at $0.5850. Continued bullish momentum might push the price towards the $0.600 and $0.620 resistance levels.
Possible Decline Ahead
If XRP fails to break the $0.5380 resistance, it could experience another decline. Initial support lies near the $0.518 zone and the trend line. The next major support is at $0.5120, and a close below this level could accelerate further downside movement towards the $0.480 support zone.
Technical indicators show that the MACD for XRP/USD on the 4-hour chart is in the bearish zone, while the RSI is near the 50 level.
Major support levels to watch are $0.517, $0.512, and $0.480, while major resistance levels are at $0.530, $0.538, and $0.550.
Hot Take: XRP Faces Resistance in Bullish Momentum
XRP is currently struggling to overcome resistance levels as it aims for a fresh rally. While it has managed to trade above key support levels and maintain a bullish trend line, it has faced obstacles in breaking through key resistance zones such as $0.5380 and $0.550.
If XRP successfully surpasses these resistance levels, it could experience significant gains and potentially reach higher price points such as $0.5850 and beyond.
However, if XRP fails to clear these hurdles, it may face another decline with initial support at $0.518 and a potential downside movement towards the $0.480 support zone.
By
By
By
By