Opportunity for XRP Price to Rise
Currently, XRP is trying to initiate a new uptrend, encountering obstacles close to the $0.520 mark. The price is hovering around $0.5150 and the 100 simple moving average over a 4-hour period. A significant bearish trend line is forming, showing resistance at $0.520 on the 4-hour XRP/USD chart from Kraken. Should the pair manage to surpass the $0.520 resistance, it may experience a bullish momentum.
XRP Price Aims Upside Break
XRP’s price recently surged above the $0.550 resistance level and tested $0.570, peaking at $0.5705 before witnessing a pullback similar to Bitcoin and Ethereum. The price dipped below the $0.5250 support zone, even falling below $0.500 to test $0.4980. However, it formed a low at $0.4990 and is currently consolidating close to the 23.6% Fib retracement level from the swing high of $0.5705 to the low of $0.4990. At present, the price is around $0.5150 and the 100 SMA (4 hours).
- Immediate resistance lies near the $0.520 level, with a major bearish trend line also forming resistance at $0.520 on the 4-hour XRP/USD chart.
Potential for Further Decline
If XRP fails to break the $0.520 resistance, it could face another downward trend. Initial support is around the $0.500 level, followed by a crucial support at $0.490. In the event of a downward breakout and closing below $0.490, the price might plummet further, potentially retesting the $0.460 support zone.
Technical Indicators
- 4-Hour MACD – The MACD for XRP/USD is displaying an acceleration in the bullish zone.
- 4-Hour RSI – The RSI for XRP/USD is hovering near the 50 level.
Key support levels include $0.500, $0.4990, and $0.460, whereas major resistance levels are at $0.520, $0.5350, and $0.570.
Hot Take: Embrace the Upside Potential
As an XRP investor, be vigilant of the resistance at $0.520 and lookout for potential gains if the price manages to surpass this barrier. Keep an eye on both the support and resistance levels to make informed investment decisions and navigate through the volatile crypto market. By staying informed and analyzing technical indicators, you can better position yourself to take advantage of potential opportunities for profit with XRP.
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