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Home»EXCHANGE NEWS»XRP Price Prediction – Will the bearish trend push the price below $0.50?
EXCHANGE NEWS

XRP Price Prediction – Will the bearish trend push the price below $0.50?

By Crypto FlexsApril 30, 20243 Mins Read
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XRP Price Prediction – Will the bearish trend push the price below alt=
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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.

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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