Bitcoin

Resistance

XRP price is struggling to clear the $0.520 resistance. The price could gain bearish momentum if there is a close below the $0.4850 support. 
<ul> 
 <li>XRP is showing bearish signs below the $0.520 and $0.508 resistance levels.</li> 
 <li>The price is now trading below $0.520 and the 100 simple moving average (4 hours).</li> 
 <li>There is a connecting bearish trend line forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair is now at risk of more downsides below the $0.5000 support zone.</li> 
</ul> 
<h2 id="xrp-price-faces-many-hurdles">XRP Price Faces Many Hurdles</h2> 
In the past few days, XRP price saw a downside reaction below the $0.550 pivot level. The bears remained active and were able to push the price below the $0.500 support zone. 
Recently, there was a recovery wave above the $0.500 level. The bulls pushed the price above the 50% Fib retracement level of the downward wave from the $0.5390 swing high to the $0.4850 low. However, the bears were active near the $0.525 resistance. 
Ripple’s token failed to clear the 76.4% Fib retracement level of the downward wave from the $0.5390 swing high to the $0.4850 low. XRP is now trading in a bearish zone below $0.508 and the 100 simple moving average (4 hours), unlike <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-42500/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-big-move-2500/" target="_blank" rel="noopener ">Ethereum</a>. 
On the upside, immediate resistance is near the $0.512 zone. There is also a connecting bearish trend line forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair. The first key resistance is near $0.520, above which the price could rise toward the $0.5320 resistance. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/XRP_Price.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-573731" src="https://www.newsbtc.com/wp-content/uploads/2024/02/XRP_Price.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/XRP_Price.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRP_Price.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRP_Price.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRP_Price.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRP_Price.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRP_Price.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/XRP_Price.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 $0.5320 resistance zone could spark a strong increase. The next key resistance is near $0.5550. If the bulls remain in action above the $0.5550 resistance level, there could be a rally toward the $0.5840 resistance. Any more gains might send the price toward the $0.6000 resistance. 
<h2 id="more-downsides">More Downsides?</h2> 
If XRP fails to clear the $0.5120 resistance zone, it could continue to move down. Initial support on the downside is near the $0.500 zone. 
The next major support is at $0.485. If there is a downside break and a close below the $0.485 level, the 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 gaining 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, $0.485, and $0.450. 
Major Resistance Levels – $0.512, $0.520, and $0.532.

XRP Price At Make-Or-Break Moment, Key Levels To Watch

Innholdsfortegnelse

NewsBTC

Andre artikler publisert på 7. feb. 2024

100 Million Dogecoin (DOGE) Moved to Robinhood in Major Sell-off: Details

Axie Infinity Crypto: Can AXS Crypto Rise From Support Or Fall?

WEMIX expands global reach with its first Europe listing on Bit2Me, Spain’s largest virtual asset...

Can Singapore Emerge as the Premier Global AI Hub? Perspectives from a Google Exec

Deepfake Dangers Escalate as AI Tools Become More User-Friendly

Monero Price Plummets 40% Post Binance Announcement! Are More Losses Imminent?

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!