XRP price is struggling to recover above the $0.520 resistance. The price could gain bearish momentum if it breaks the $0.50 support.
- XRP is attempting a fresh increase and facing hurdles near $0.520.
- The price is now trading near $0.5150 and the 100 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance at $0.520 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if there is a close above the $0.520 resistance.
XRP Price Aims Upside Break
Recently, XRP price climbed above the $0.550 resistance and tested $0.570. A high was formed at $0.5705 before there was a pullback like Bitcoin and Ethereum. The price dipped below the $0.5250 support zone.
It even spiked below $0.500 and tested $0.4980. A low was formed at $0.4990 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $0.5705 swing high to the $0.4990 low. It also trades near $0.5150 and the 100 simple moving average (4 hours).
Immediate resistance is near the $0.520 level. There is also a major bearish trend line forming with resistance at $0.520 on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
The next key resistance is near $0.5350 or the 50% Fib retracement level of the downward move from the $0.5705 swing high to the $0.4990 low. A close above the $0.5350 resistance zone could spark a strong increase. The next key resistance is near $0.570. If the bulls remain in action above the $0.570 resistance level, there could be a rally toward the $0.620 resistance. Any more gains might send the price toward the $0.680 resistance.
More Losses?
If XRP fails to clear the $0.520 resistance zone, it could start another decline. Initial support on the downside is near the $0.500 level.
The next major support is at $0.490. If there is a downside break and a close below the $0.490 level, the price might accelerate lower. In the stated case, the price could retest the $0.460 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now near the 50 level.
Major Support Levels – $0.500, $0.4990, and $0.460.
Major Resistance Levels – $0.520, $0.5350, and $0.570.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
