Ripple’s Token Price Struggles to Recover
Ripple’s token price is currently facing difficulties in reclaiming its value against the US dollar. It is trading below $0.550 and the 100 simple moving average (4 hours). A major bearish trend line is forming with resistance near $0.540, indicating a potential decline if the price falls below $0.500.
Ripple’s Token Price Eyes Fresh Increase
After a significant drop to $0.40, Ripple’s XRP has seen a recovery wave against the US dollar. It surpassed resistance levels at $0.48 and $0.50, similar to Bitcoin and Ethereum. The price also broke above the $0.520 resistance and the 50% Fib retracement level. However, it now faces a challenging task near $0.550 and remains below the 100 simple moving average (4 hours).
Resistance and Potential Gains
The initial resistance on the upside is around the $0.540 zone and the trend line. If the price successfully breaks above the $0.550 resistance, it could potentially reach the $0.60 resistance level. Further gains might even lead to a test of the $0.625 resistance.
Possible Decline and Support Levels
If Ripple fails to clear the $0.550 resistance, it may experience another decline. The first support on the downside is around the $0.505 zone, followed by the major support level at $0.500. A downside break and close below $0.500 could result in further losses, potentially retesting the $0.435 support zone.
Technical Indicators
The MACD for XRP/USD is currently losing pace in the bullish zone, while the RSI is above the 50 level.
Hot Take
Ripple’s token price is struggling to recover and faces resistance near $0.550. If it fails to break above this level, another decline is possible. However, if the resistance is overcome, the price may see significant gains. It is important to monitor the support levels at $0.505 and $0.500 for potential price movements.
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