XRP price is currently facing challenges in recovering above the $0.520 resistance level. If the price fails to break this barrier, bearish momentum could increase, potentially leading to a drop below the $0.50 support level.
Recently, XRP attempted a fresh increase and tested the $0.550 resistance, reaching a high of $0.5705 before experiencing a pullback similar to Bitcoin and Ethereum. The price then dipped below the $0.5250 support zone, briefly falling below $0.500 to test $0.4980. Currently, the price is consolidating near the 23.6% Fib retracement level from the swing high to the low at $0.4990.
The 4-hour chart of the XRP/USD pair shows that the price is trading near $0.5150, close to the 100 simple moving average. There is a major bearish trend line forming with resistance at $0.520, indicating a key level to watch. The MACD for XRP/USD is gaining momentum in the bullish zone, while the RSI is hovering around the 50 level. This suggests a mixed outlook for XRP in the short term.
If XRP manages to break above the $0.520 resistance, the next hurdle lies near $0.5350, followed by the 50% Fib retracement level at $0.570. A successful close above these levels could trigger a strong upward move towards $0.620 and potentially even $0.680. On the other hand, failure to clear the $0.520 resistance could result in a renewed decline. Initial support is seen at $0.500, with a major support level at $0.490. A break below $0.490 could accelerate losses, with a potential retest of the $0.460 support zone.
XRP is currently at a critical juncture as it attempts to recover above the $0.520 resistance level. The technical indicators suggest a mixed outlook, with both bullish and bearish signals present. Traders and investors are advised to closely monitor the price action around key resistance and support levels to determine the next major move in XRP price. As always, it’s important to conduct thorough research and exercise caution when making investment decisions in the volatile cryptocurrency market.