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.
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