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Home»EXCHANGE NEWS»Will XRP Price Plunge and Buyers Save Key $0.50 Support?
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Will XRP Price Plunge and Buyers Save Key $0.50 Support?

By Crypto FlexsJanuary 26, 20243 Mins Read
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XRP price is consolidating above the $0.50 support. If the price closes below the $0.50 support line, the price may gain bearish momentum.

  • XRP is showing bearish signals below the $0.525 and $0.550 resistance levels.
  • The price is currently trading below $0.525 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the XRP/USD pair, there is a bearish trendline connecting with resistance near $0.520 (data source from Kraken).
  • A break above the $0.520 and $0.525 resistance levels will initiate a new rise for the pair.

XRP price re-examination major support

Over the past few days, the price of XRP has seen a fresh decline below the $0.550 support. A downtrend could push the price into a short-term downside zone below $0.525, like Bitcoin or Ethereum.

The price surged below the $0.500 support. A low was formed near $0.4961 and the price is currently consolidating losses. It is back above the $0.500 level and is showing small signs of recovery. It is currently trading below $0.525 and the 100 simple moving average (4-hours).

Meanwhile, immediate resistance is located near $0.520. There is also a bearish trend line tying with resistance near $0.520 on the 4-hours chart of the XRP/USD pair. The trend line is close to the 23.6% Fib retracement level of the bearish wave from the $0.6240 swing high to the $0.4960 low.

The first major resistance is near $0.532, a break above which could trigger an upward move towards the $0.560 resistance. The $0.6240 swing high to $0.4960 low is close to the 50% Fib retracement level of the bearish wave.

Source: XRPUSD on TradingView.com

A break above the $0.560 resistance could trigger a strong rally. The next major resistance is near $0.594. If the bulls continue to be active above the $0.594 resistance, there could be a rally towards the $0.620 resistance. Any more profits could push the price towards the $0.650 resistance.

Another drop?

If XRP fails to clear the $0.525 resistance area, a new decline could begin. Initial support on the downside is near the $0.500 area.

The next major support is at $0.495. A downward breakout and a close below the $0.495 level could push the XRP price lower. If indicated, the price may retest the $0.450 support area.

technical indicators

4-Hour MACD – The MACD for XRP/USD is now losing speed in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Key support levels – $0.500, $0.495, $0.450.

Key resistance levels – $0.520, $0.525, $0.560.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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