The XRP/USD pair is currently facing a major resistance level at $0.490 against the US Dollar, following in the footsteps of Bitcoin. If the price breaks the key support level at $0.440, there is a high likelihood of a significant downward movement.
During the previous week, the #Ripple price made an effort to surpass the $0.500 mark but could not gather enough momentum to continue the bullish trend and instead reached a high of $0.4868.
Following a new trend reversal, the XRP/USD pair has initiated a bearish movement and breached the support level of $0.4750. Furthermore, it even fell below the $0.470 mark and experienced a rapid drop below the 100-hour Simple Moving Average (SMA). At present, it is testing the 50% Fibonacci retracement level, calculated from the upward swing move between the swing low of $0.4329 and the high of $0.4869.
The XRP/USD pair is currently trading below both the 200-hour Simple Moving Average and the $0.4700 mark. On the 4-hour chart, a significant rising channel has formed, with a support level at approximately $0.4600.
The XRP/USD pair is currently encountering resistance in the vicinity of $0.4700, followed by a significant resistance area at approximately $0.4840. If the price manages to make a clear break above these resistance levels, it might initiate a fresh upward movement, potentially surpassing the resistance at $0.5000 and heading towards the $0.5200 resistance level.
On the downside, #xrp initial support level is approximately $0.4600, followed by a major support area near the $0.4550 mark and the channel trend line. This area coincides with the 61.8% Fibonacci retracement level, calculated from the upward swing move between the swing low of $0.4329 and the high of $0.4869. In case of further decline, the price may test the $0.4400 support level and could even plummet to $0.4000.
KEY LEVELS :
RESISTANCE LEVEL : $0.4750-$0.4900
SUPPORT LEVEL : $0.4550-$0.4400
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.
