XRP price is currently facing a major hurdle as it struggles to recover above the $0.520 resistance level. The price is hovering around $0.5150 and is also closely following the 100 simple moving average (4 hours). A significant bearish trend line is forming with resistance at $0.520 on the 4-hour chart of the XRP/USD pair.
Recently, XRP price managed to break above the $0.550 resistance level and even tested $0.570 before experiencing a pullback, similar to Bitcoin and Ethereum. Unfortunately, the price dipped below the $0.5250 support zone and briefly went below $0.500, testing $0.4980. Currently, the price is consolidating near the 23.6% Fib retracement level of the downward move from the $0.5705 swing high to the $0.4990 low.
If XRP manages to break above the $0.520 resistance level, it could gain bullish momentum. The next key resistance to watch is near $0.5350 or the 50% Fib retracement level. A successful close above this level could trigger a strong increase in price. Further resistance levels are at $0.570 and $0.620, with a potential rally towards $0.680.
On the flip side, if XRP fails to clear the $0.520 resistance zone, it may start another decline. The initial support is at $0.500, followed by a major support level at $0.490. A close below $0.490 could signal further downside movement, potentially retesting the $0.460 support zone.
The MACD for XRP/USD is currently gaining momentum in the bullish zone, indicating a positive outlook. The 4-hour RSI is hovering around the 50 level, suggesting a neutral sentiment among traders.
XRP price is at a critical juncture, with the $0.520 resistance level acting as a significant barrier. While there is potential for upside if this level is breached, there are also downside risks if the support levels are broken. Traders are advised to conduct their own research and exercise caution when making investment decisions, as investing in XRP carries inherent risks.
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