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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

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

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple (XRP)

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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.

  • XRP is showing bearish signs below the $0.525 and $0.550 resistance levels.
  • The price is now trading below $0.525 and the 100 simple moving average (4 hours).
  • 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).
  • The pair start a fresh increase if it clears the $0.520 and $0.525 resistance levels.

XRP Price Revisits Key Support

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 Bitcoin and Ethereum.

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.

XRP Price

Source: XRPUSD on TradingView.com

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.

Another Drop?

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.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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