XRP Price: XRP recently started a recovery wave from the $0.4620 support but is now struggling to clear $0.4780, raising concerns about a potential decline.
XRP, the cryptocurrency linked to the Ripple network, has been very volatile lately. After dropping to $0.4620, XRP tried to bounce back but is now facing strong resistance.
Current Price Dynamics
XRP Price: XRP is currently trying to recover from the $0.4620 support level. It’s currently trading below both $0.4800 and the 100-hourly Simple Moving Average. A key bearish trend line with resistance at $0.4770 is forming on the hourly chart of the XRP/USD pair (data from Kraken). The price might be rejected near $0.4780 and $0.480.
XRP Price Faces Resistance
XRP price fell below $0.480, similar to Bitcoin and Ethereum. It even dropped below $0.4650 and tested the $0.4620 level, hitting a low of $0.4619. Recently, the price has started to recover.
The price moved up above the $0.4700 and $0.4720 resistance levels. It even went past the 50% Fib retracement level from the $0.4885 high to the $0.4620 low. However, sellers are active near the $0.4780 area.
They are securing the 61.8% Fib retracement level from the $0.4885 high to the $0.4620 low. A key bearish trend line is forming with resistance at $0.4770 on the hourly XRP/USD chart. XRP is now trading below $0.4800 and the 100-hourly Simple Moving Average. On the upside, it faces resistance near $0.4770, with major resistance at $0.4800.
If XRP can break above $$0.4800, it could face some selling pressure at the next resistance levels around $$0.5050 and $$0.5250. If it can overcome these hurdles, it could then rise towards $$0.5500.
XRP Price: Potential for Another Decline
If XRP can’t break through the $0.48 mark, it might start falling again. In that case, there’s some support around $0.4685 to help it bounce. But if it falls below $0.4620, things could get rough, and the price could even drop lower than $0.45 in the near future.
Technical Indicators
XRP Price: The current trading below the 100-hourly SMA indicates a bearish trend, making it challenging for bulls to gain control.
The 61.8% Fibonacci retracement level from the recent downtrend is a crucial resistance point. This shows that bears are currently dominant in the market.
XRP’s recent price action suggests a precarious position for the cryptocurrency. While there is potential for recovery if the price breaks above key resistance levels, the significant bearish pressure could lead to another decline. Traders and investors should closely monitor the $0.4800 resistance and $0.4620 support levels for any significant movements.
Knowing these important factors affecting XRP’s price and the technical signals it’s giving is vital for anyone thinking about buying or selling XRP. The crypto market can be unpredictable, so this knowledge can help you make smarter choices.
Also Read: XRP NEWS: XRP Price Dips After Large Ripple Token Sale
