XRP Price Update
As XRP attempts 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 sourced from Kraken). The pair could gain bearish momentum if there is a close below the $0.4550 support.
XRP Price Turns Red ๐
Following a period of steady increase, XRP price encountered difficulty in clearing the $0.6420 resistance level. This resulted in a fresh decline below the $0.600 support, aligning with the movement of Bitcoin and Ethereum. Subsequently, there was a sharp drop below the $0.500 support level.
- Price hits a low of $0.3875 before starting a recovery wave
- Success in breaching the $0.40 and $0.450 levels
- Climb above the 23.6% Fib retracement level
Currently, XRP is trading below $0.550 and the 100 simple moving average (4 hours). Immediate resistance is located near the $0.5140 level and the 50% Fib retracement level. Subsequently, the key resistance is near $0.540, with a bearish trend line forming at $0.5440 on the 4-hour chart.
Another Decline on the Horizon?
- Failure to clear $0.5440 resistance may trigger a decline
- Initial support expected at the $0.480 level
- Major support at $0.4550 with a potential retest of $0.420
Should the bears dominate, the MACD for XRP/USD is losing pace in the bearish zone, while the RSI is below the 50 level. Major support levels stand at $0.480, $0.4550, and $0.420. On the upside, major resistance levels are at $0.5140, $0.5440, and $0.600.
Hot Take ๐ฅ
If XRP can surpass the $0.540 resistance zone, a significant upward movement may be on the horizon. Conversely, a failure to breach this level could lead to further decline, with key support levels at $0.480, $0.4550, and $0.420. Keep a close eye on the developing trend to make informed decisions.
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