XRP Price Struggles to Recover Above $0.5140 Resistance
The price of XRP is facing challenges as it attempts to recover above the $0.5140 resistance level. In order to make a fresh increase in the near term, the price must stay above the $0.4550 support.
Currently, XRP is in the midst of a recovery wave above the $0.450 zone. However, it is trading below $0.550 and the 100 simple moving average (4 hours), indicating some bearish pressure on the cryptocurrency.
One key indicator to watch is the bearish trend line forming with resistance at $0.5440 on the 4-hour chart of the XRP/USD pair, according to data from Kraken. If the pair fails to break above this resistance, it could gain bearish momentum and potentially close below the $0.4550 support level.
XRP Price Turns Red
After a failed attempt to clear the $0.6420 resistance, XRP price started a decline below the $0.600 support, following the trend of Bitcoin and Ethereum. The price then dropped sharply below the $0.500 support and tested the $0.3880 zone, hitting a low of $0.3875 before starting a recovery wave.
The price has since climbed above the $0.40 and $0.450 levels, surpassing the 23.6% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low. However, it is still trading below $0.550 and the 100 simple moving average (4 hours).
The next key resistance levels to watch are near $0.5140 and $0.540, with a key bearish trend line forming at $0.5440. A close above the $0.540 resistance zone could signal a strong increase, with the next major resistance at $0.600.
Another Decline?
If XRP fails to clear the $0.5440 resistance zone, it could face another decline. Initial support on the downside is near $0.480, followed by a major support level at $0.4550. A close below $0.4550 could accelerate the price lower, potentially retesting the $0.420 support zone.
Technical indicators such as the 4-Hour MACD and RSI are showing bearish signals for XRP/USD, with the RSI below the 50 level.
Investors are advised to conduct their own research and use information provided in this article at their own risk. The cryptocurrency market is volatile and carries risks, so it’s important to stay informed and make educated investment decisions.
