Is XRP Price Poised for a Fresh Rally?

Is XRP Price Poised for a Fresh Rally?

XRP price is currently facing hurdles as it struggles to break through the $0.5350 and $0.5380 resistance levels. Despite trading above $0.520 and the 100 simple moving average (4 hours), the bears have managed to keep the price in check, unlike Bitcoin and Ethereum. However, there is still potential for a fresh rally if XRP manages to overcome these resistance levels.

Support for XRP is currently forming at $0.5170, as indicated by a key bullish trend line on the 4-hour chart of the XRP/USD pair. Immediate resistance can be found near the $0.5300 zone. If XRP successfully breaks above this level, it could set the stage for a rise towards the $0.550 resistance. Further gains might even lead to a rally towards the $0.600 and $0.620 resistance levels.

However, should XRP fail to overcome the $0.5380 resistance zone, it may face another round of decline. Initial support on the downside is expected near the $0.518 zone and the aforementioned trend line. The next significant support level is located at $0.5120. If the price breaks below this level and closes below it, there is a possibility for an accelerated downturn, potentially retesting the $0.480 support zone.

The MACD for XRP/USD is currently losing pace in the bearish zone on the 4-hour chart, indicating a potential slowdown in momentum for the price. The RSI for XRP/USD is hovering around the 50 level, suggesting a neutral outlook.

It is important to note that the information provided in this article is for educational purposes only and does not represent the opinions or advice of NewsBTC. As with any investment, trading XRP carries risks, and individuals are advised to conduct their own research before making any investment decisions. The content on this website should be used entirely at your own risk.

XRP’s price is currently facing resistance at the $0.5380 level, hindering its ability to rally further. However, there are signs of bullish support with a key trend line forming at $0.5170. If XRP manages to break above the $0.5380 and $0.5500 resistance levels, a fresh rally could ensue, potentially leading to higher resistance levels at $0.5850, $0.600, and $0.620. Conversely, if XRP fails to overcome the resistance zone, it may experience a decline with support levels at $0.518 and $0.5120. Technical indicators suggest a bearish MACD and a neutral RSI. As always, it is important to conduct thorough research and exercise caution when investing in XRP.

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