- Ripple price started a downside correction from the $0.570 zone against the US dollar.
The price is now trading below $0.5250 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $0.5275 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase unless there is a close below $0.480.
As a researcher studying the cryptocurrency market, I’ve observed that the price of Ripple (XRP) is currently consolidating around the $0.500 mark against the US Dollar, similar to Bitcoin‘s behavior. For XRP to maintain its bullish trend, it’s crucial that it holds above the critical support level at $0.480.
Ripple Price Analysis
Over the last week, the price of Ripple exhibited a notable rise surpassing the $0.50 barrier versus the U.S. dollar. The XRP-USD pair broke past the $0.520 threshold, placing it in an advantageous position.
The bulls successfully drove the price beyond the $0.550 resistance mark. A peak was reached around $0.5705, but the price subsequently dipped lower. The market fell beneath both the $0.550 and $0.5250 thresholds. The bears managed to pull the price down below the 23.6% Fibonacci retracement level – a significant support point derived from the price increase that began at $0.3875 and peaked at $0.5705.
The current price is sitting below the $0.520 mark and the 4-hour Simple Moving Average (SMA) at around 55. However, it hovers above the 50% Fibonacci retracement level of the upward price trend that started from the $0.3875 swing low and reached a high of $0.5705.
As a crypto investor, I observe that the XRP price is encountering resistance around the $0.5250 mark on the upward trend. Additionally, there’s a significant bearish trendline developing on the 4-hour XRP/USD chart, which puts additional resistance at $0.5275.
If we reach the next significant resistance point around $0.570, breaking above it could lead to a robust price surge. In such a scenario, the price may not only reach but also exceed the $0.620 resistance level. Further progress might push the price closer to the $0.700 resistance mark.
In simpler terms, the initial floor for the price is around $0.50. The next significant support lies at approximately $0.48. Should the price continue to drop, it may head towards $0.455, and potentially even dip below that to revisit $0.42.
As a crypto investor, I’m observing the chart and noting that Ripple’s price has dipped below the $0.5250 mark and is now sitting below its 4-hour simple moving average at this level. The trend seems bearish for now, but if we don’t see a close below $0.480, there’s a possibility that the price may begin to rise again.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.500, $0.480, and $0.420.
Key Resistance Levels – $0.5250 and $0.570.
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2024-04-29 06:50