Ripples Token Price Struggles to Recover Above $0.550 and $0.580

Ripple’s Token Price Struggles to Recover Against the US Dollar

Ripple’s token price is facing challenges in its recovery against the US dollar. Here are the key points to note:

– The price is currently trading below $0.56 and the 100 simple moving average (4 hours).
– A major bearish trend line is forming with resistance near $0.580 on the 4-hour chart.
– If the price breaks below $0.480, another decline might be on the horizon.

Ripple’s Token Price Faces Uphill Task

After experiencing a significant decline to $0.40, Ripple’s XRP has seen a slight upward correction against the US dollar. Here are the main highlights:

– The price managed to recover above the $0.45 and $0.48 resistance levels.
– The bulls pushed the price above the 50% Fib retracement level, but the bears are active near the $0.550 resistance zone.
– XRP is now trading below $0.56 and the 100 simple moving average (4 hours), with a major bearish trend line forming near $0.580.

A Possible Breakout or Further Decline

If the price successfully breaks above the $0.580 resistance level, it may head towards $0.60 or the 100 simple moving average (4 hours). Additional gains could even result in a test of the $0.6650 resistance. However:

– Failure to clear the $0.565 resistance zone could lead to another decline.
– Initial support lies near the $0.500 zone, followed by major support near $0.480.
– A downside break and close below $0.480 could extend XRP’s losses, potentially retesting the $0.400 support zone.