The price of XRP is making a new attempt to rise from $0.4730 against the US Dollar. If it can avoid dropping below $0.4880, there’s a chance it might reach around $0.5320.
XRP is finding it tough to break past the $0.5065 barrier against the US dollar. Currently, it’s trading below $0.500 and the 100 simple moving average over a four-hour period. However, there was a positive development as it broke a significant bearish trend line with resistance at about $0.4915 on the XRP/USD chart. But there’s a risk that it could move lower if it breaches the support area at $0.4880.
XRP Price Looks to Bounce Back
XRP experienced a gradual drop and eventually found support around $0.4730, a pattern similar to what Bitcoin and Ethereum went through. It then began a recovery, surpassing the $0.4880 barrier.
The bulls managed to push the price beyond the 23.6% Fibonacci retracement level, which measures the main drop from the $0.5510 high to the $0.4730 low. Additionally, there was a significant development as the price broke through a major bearish trend line with resistance around $0.4915 on the XRP/USD chart.
However, the bears remained quite active just above the $0.500 resistance zone. Currently, the price is trading below $0.500 and under the influence of the 100 simple moving average spanning four hours.
Looking ahead, the immediate hurdle is around the $0.500 mark. The primary resistance comes in at approximately $0.5065, which coincides with the 100 simple moving average for four hours, or the 50% Fibonacci retracement level of the major drop from the $0.5510 high to the $0.4730 low.
Source: XRPUSD on TradingView.com
If the price can successfully break above the $0.5065 level, it may head towards the $0.521 resistance. A strong move beyond this level could potentially trigger a significant uptrend towards the $0.550 resistance. Further gains might propel XRP towards the $0.585 resistance.
Possible Further Losses?
If XRP can’t break through the resistance zone at $0.5065, it might continue moving in a downward direction. The initial support in this scenario would be around $0.488.
The next significant support level to watch is at $0.4730. If the price experiences a decline and manages to close below the $0.4730 mark, XRP’s value could drop even further. In such a situation, there’s a chance that the price might test the support zone at $0.4320.
Technical indicators also give us some insights. The 4-hour MACD for XRP/USD is showing a slowdown in the bullish zone, while the 4-hour RSI (Relative Strength Index) for XRP/USD is currently above the 50 level.
In terms of major levels, we’re looking at support levels at $0.488, $0.473, and $0.432. On the flip side, resistance levels to consider are $0.5065, $0.5210, and $0.550.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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