XRP price is struggling to recover above the $0.520 resistance level. A break above the $0.50 support level could see the price gain bearish momentum.
- XRP is attempting a fresh increase and is facing a hurdle near $0.520.
- The price is currently trading near $0.5150 and the 100 simple moving average (4-hours).
- There is a major bearish trendline with resistance forming at $0.520 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- A close above the $0.520 resistance line could give the pair some bullish momentum.
XRP price aims for an upward reversal.
Recently, XRP price broke above the $0.550 resistance and tested $0.570. A high was formed at $0.5705 before declines like Bitcoin and Ethereum took hold. The price fell below the $0.5250 support area.
It even surged below $0.500 and tested $0.4980. A low was formed at $0.4990 and the price is currently consolidating near the 23.6% Fib retracement level moving down from the $0.5705 swing high to the $0.4990 low. It is also trading near $0.5150 and the 100 simple moving average (4-hours).
Immediate resistance is near the $0.520 level. Additionally, on the 4-hours chart of the XRP/USD pair, there is a major bearish trendline with resistance forming at $0.520.
Source: XRPUSD on TradingView.com
The next major resistance is the 50% Fib retracement level near $0.5350 or a downside move from the $0.5705 swing high to the $0.4990 low. A break above the $0.5350 resistance could trigger a strong rally. The next major resistance is near $0.570. If the bulls continue to be active above the $0.570 resistance, there could be a rally towards the $0.620 resistance. Any more profits could push the price towards the $0.680 resistance.
Are there more losses?
If XRP fails to clear the $0.520 resistance area, another decline could begin. Initial support for the downside is near the $0.500 level.
The next major support is at $0.490. A downward breakout and a close below the $0.490 level could push the price lower. As stated, the price may retest the $0.460 support area.
technical indicators
4-Hour MACD – The MACD for XRP/USD is now pacing in bullish territory.
4-Hour Relative Strength Index (RSI) – The RSI for XRP/USD is now close to the 50 level.
Key support levels – $0.500, $0.4990 and $0.460.
Key resistance levels – $0.520, $0.5350, $0.570.
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