XRP Price Recovery Could Soon Fade, These Are Key Levels To Watch
April 17 2024 - 12:48AM
NEWSBTC
XRP price is struggling to recover above the $0.5140 resistance.
The price must stay above the $0.4550 support to attempt a fresh
increase in the near term. XRP is attempting a recovery wave above
the $0.450 zone. The price is now trading below $0.550 and the 100
simple moving average (4 hours). There is a key bearish trend line
forming with resistance at $0.5440 on the 4-hour chart of the
XRP/USD pair (data source from Kraken). The pair could gain bearish
momentum if there is a close below the $0.4550 support. XRP Price
Turns Red After a steady increase, XRP price struggled to clear the
$0.6420 resistance. It started a fresh decline below the $0.600
support, like Bitcoin and Ethereum. There was a sharp move below
the $0.500 support. Finally, the price tested the $0.3880 zone. A
low was formed at $0.3875 and the price started a recovery wave.
There was a move above the $0.40 and $0.450 levels. The price
climbed above the 23.6% Fib retracement level of the downward move
from the $0.6420 swing high to the $0.3875 low. The price is now
trading below $0.550 and the 100 simple moving average (4 hours).
Immediate resistance is near the $0.5140 level and the 50% Fib
retracement level of the downward move from the $0.6420 swing high
to the $0.3875 low. The next key resistance is near $0.540. There
is also a key bearish trend line forming with resistance at $0.5440
on the 4-hour chart of the XRP/USD pair. A close above the $0.540
resistance zone could spark a strong increase. The next key
resistance is near $0.600. Source: XRPUSD on TradingView.com If the
bulls remain in action above the $0.600 resistance level, there
could be a rally toward the $0.6240 resistance. Any more gains
might send the price toward the $0.700 resistance. Another Decline?
If XRP fails to clear the $0.5440 resistance zone, it could start
another decline. Initial support on the downside is near the $0.480
level. The next major support is at $0.4550. If there is a downside
break and a close below the $0.4550 level, the price might
accelerate lower. In the stated case, the price could retest the
$0.420 support zone. Technical Indicators 4-Hours MACD – The MACD
for XRP/USD is now losing pace in the bearish zone. 4-Hours RSI
(Relative Strength Index) – The RSI for XRP/USD is now below the 50
level. Major Support Levels – $0.480, $0.4550, and $0.420. Major
Resistance Levels – $0.5140, $0.5440, and $0.600.
Ripple (COIN:XRPUSD)
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