- XRP price is attempting a recovery wave from the $0.3850 zone against the US dollar.
The price is now trading below $0.550 and the 55 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $0.600 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.5150 resistance.
The price of XRP hovers around $0.500 versus the U.S. dollar, similar to Bitcoin‘s trend. For XRP to initiate a new upward move, it is essential that it doesn’t drop below the support level at $0.4580.
XRP Price Analysis
Last week, the XRP price tried once more to surpass the $0.6420 barrier in its battle with the U.S. dollar. However, the XRP/USD pair encountered resistance at this level and subsequently plunged sharply.
The price dipped below the $0.60 and $0.55 supports, but eventually, buyers took control above the $0.385 support level. A low point was reached near $0.3875, and now the market is bouncing back to correct its losses. The resistance at $0.45 was surpassed.
The price for XRP has risen higher than the 23.6% mark of its recent drop from the peak of $0.6420 to the low of $0.3875. Currently, XRP is priced above $0.55 and the average price over the past 4 hours as indicated by the 55 simple moving average.
On the positive side, the price is encountering resistance around $0.5150. This level also aligns with the 50% Fibonacci retracement point during the price drop from the peak of $0.6420 to the low of $0.3875. The next notable resistance can be found near $0.550.
The initial significant hurdle for advancement is around $0.5850. Breaking through this barrier could trigger a substantial upward trend, potentially taking the price beyond $0.6250 and up to $0.6420. If so, further growth may propel the price toward the resistance at $0.700.
If the price experiences an initial drop, it may find support around $0.4580. Further downtrend could push the price towards $0.420 as the next significant support level. In the event of continued losses, the price might slide down to revisit the $0.400 support. Even lower than that, the price could be vulnerable to challenges around the $0.3850 support area in the short term.
Examining the graph, the current XRP price is currently selling for less than the $0.550 mark and falls below the 4-hour simple moving average of $0.55. If the price can surpass the resistance level at $0.5150, it may initiate a new upward trend.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.4580, $0.4200, and $0.400.
Key Resistance Levels – $0.5150 and $0.550.
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2024-04-15 06:55