XRP Price Recovery Could Soon Fade, These Are Key Levels To Watch

Source Newsbtc

Apr 17, 2024 04:48

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.

XRP Price

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.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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