#Ripple is currently facing challenges in maintaining its position above the $0.5065 support level against the US Dollar. There is a possibility that the XRP price may experience a decline towards $0.485 or even $0.465 before the bulls take control.
Following its inability to surpass the $0.585 resistance level, Ripple's XRP has undergone a downside correction against the US Dollar. While Bitcoin and Ethereum have seen a significant increase in value, #XRP has struggled to keep up with the trend.
XRP/USD has surged from the $0.482 range, as the bulls successfully pushed the price above the $0.5120 resistance level. The price even managed to surpass the $0.5200 resistance level, indicating that the bulls were poised to break through the multiple resistances near $0.5300.
However, the price failed to clear the $0.5300 resistance zone, resulting in a new high of approximately $0.5283. The price remained below the 50% Fib retracement level of the downward move from the $0.5858 swing high to the $0.4810 low. Currently, the price is trending lower, falling below $0.5120. XRP is trading below $0.5100 and the 100-hour simple moving average. On the 4-hour chart of the XRP/USD pair, a significant bullish trend line is forming with support near $0.5065.
The current resistance level is located at approximately $0.5120. The next significant resistance level is at $0.5200. If the price successfully breaks above this level, it could potentially reach the $0.545 resistance or the 61.8% Fibonacci retracement level, which is calculated from the downward move between the $0.5858 swing high and the $0.4810 low. Further gains could push the price towards the $0.585 level.
If Ripple fails to surpass the $0.520 resistance zone, it may continue to decline. The initial support on the downside is located near the $0.500 zone, with the next significant support near $0.485. If there is a break on the downside and a close below the $0.484 level, XRP's price could experience further losses. In such a scenario, the price could test the $0.465 support zone.
KEY LEVELS :
RESISTANCE LEVEL : $0.5150-$0.5280
SUPPORT LEVEL : $0.4980-$0.4900
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
