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Home»EXCHANGE NEWS»XRP price recovery could soon disappear. This is a key level to pay attention to
EXCHANGE NEWS

XRP price recovery could soon disappear. This is a key level to pay attention to

By Crypto FlexsApril 17, 20243 Mins Read
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XRP price recovery could soon disappear.  This is a key level to pay attention to
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XRP price is struggling to recover above the $0.5140 resistance level. The price needs to remain above the $0.4550 support to attempt a fresh rally in the near term.

  • XRP is attempting a recovery above the $0.450 area.
  • The price is currently trading below $0.550 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the XRP/USD pair, there is a major bearish trend line forming at resistance $0.5440 (data source from Kraken).
  • A close below the $0.4550 support could allow the pair to gain bearish momentum.

XRP price turns red

After a steady rise, XRP price struggled to clear resistance at $0.6420. Like Bitcoin and Ethereum, it began a new downtrend below the $0.600 support line. There was a sharp move below the $0.500 support line.

Finally, the price tested the $0.3880 area. A low was formed at $0.3875 and the price began to recover. There was movement above the $0.40 and $0.450 levels. The price broke above the 23.6% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low.

The price is currently trading below $0.550 and the 100 simple moving average (4-hours). Immediate resistance is near the $0.5140 level and the 50% Fib retracement level of the downside move from the $0.6420 swing high to the $0.3875 low.

The next major resistance is near $0.540. There is also a major bearish trendline with resistance forming at $0.5440 on the 4-hours chart of the XRP/USD pair. A break above the $0.540 resistance could trigger a strong rally. The next major resistance is near $0.600.

Source: XRPUSD on TradingView.com

If the bulls continue to see activity above the $0.600 resistance, there could be a rally towards the $0.6240 resistance. Any more profits could push the price towards the $0.700 resistance.

Another decline?

If XRP fails to clear the $0.5440 resistance area, another decline could begin. Initial support for the downside is near the $0.480 level.

The next major support is at $0.4550. A downward breakout and a close below the $0.4550 level could push the price lower. As stated, the price may retest the $0.420 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 – $0.480, $0.4550 and $0.420.

Key resistance levels – $0.5140, $0.5440 and $0.600.

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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