Bitcoin

Resistance

XRP price is consolidating above the $0.50 support. The price could gain bearish momentum if there is a close below the $0.50 support. 
<ul> 
 <li>XRP is showing bearish signs below the $0.525 and $0.550 resistance levels.</li> 
 <li>The price is now trading below $0.525 and the 100 simple moving average (4 hours).</li> 
 <li>There is a connecting bearish trend line forming with resistance near $0.520 on the 4-hour chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair start a fresh increase if it clears the $0.520 and $0.525 resistance levels.</li> 
</ul> 
<h2 id="xrp-price-revisits-key-support">XRP Price Revisits Key Support</h2> 
In the past few days, XRP price saw a fresh decline below the $0.550 support. The bears were able to push the price into a short-term bearish zone below $0.525, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-eyes-recovery-40250/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-could-correction-2240/" target="_blank" rel="noopener ">Ethereum</a>. 
The price even spiked below the $0.500 support. A low was formed near $0.4961, and the price is now consolidating losses. It is back above the $0.500 level and showing signs of a minor recovery wave. It is now trading below $0.525 and the 100 simple moving average (4 hours). 
On the upside, immediate resistance is near the $0.520 zone. There is also a connecting bearish trend line forming with resistance near $0.520 on the 4-hour chart of the XRP/USD pair. The trend line is close to the 23.6% Fib retracement level of the downward wave from the $0.6240 swing high to the $0.4960 low. 
The first key resistance is near $0.532, above which the price could rise toward the $0.560 resistance. It is close to the 50% Fib retracement level of the downward wave from the $0.6240 swing high to the $0.4960 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_0f2636.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-571737" src="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_0f2636.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_0f2636.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_0f2636.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_0f2636.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_0f2636.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_0f2636.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_0f2636.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price_0f2636.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/XRPUSD/" target="_blank" rel="noopener nofollow">XRPUSD on TradingView.com</a> 
A close above the $0.560 resistance zone could spark a strong increase. The next key resistance is near $0.594. If the bulls remain in action above the $0.594 resistance level, there could be a rally toward the $0.620 resistance. Any more gains might send the price toward the $0.650 resistance. 
<h2 id="another-drop">Another Drop?</h2> 
If XRP fails to clear the $0.525 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.500 zone. 
The next major support is at $0.495. If there is a downside break and a close below the $0.495 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.450 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 – $0.500, $0.495, and $0.450. 
Major Resistance Levels – $0.520, $0.525, and $0.560.

XRP Price Takes Hit, Can Buyers Save The Key $0.50 Support?

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