XRP Price Analysis: Short-Term Recovery Prospects Amid $0.470 Support Test

  • XRP price has continued its downward trend, breaking below the critical $0.50 mark.
  • The cryptocurrency found support around the $0.4700 level and is currently working on a short-term recovery.
  • Despite a slight recovery, the price remains under pressure, stuck below the $0.4850 resistance and the 100-hourly Simple Moving Average.

Analysing the latest price movements of XRP, including its current support and resistance levels, for informed trading decisions.

XRP Price Recovery Attempts After Dropping Below Key Support

XRP struggled to recover above the $0.4880 resistance level, mirroring the performance of other major cryptocurrencies like Ethereum and Bitcoin. The asset saw a further decline, reaching the $0.470 level. After hitting a low at approximately $0.4701, XRP is now attempting a minor recovery.

The price experienced a modest uptick, breaking above the $0.4750 mark, and surpassed the 23.6% Fibonacci retracement level from the $0.5053 high to the $0.4701 low.

Technical Analysis: Resistance and Support Levels

Furthermore, a minor breakthrough occurred above a descending trend line with resistance near $0.480, according to the hourly chart of the XRP/USD pair. However, XRP continues to trade below the $0.4850 mark, constrained by the 100-hourly Simple Moving Average.

On the upside, immediate resistance is positioned around $0.4850, with stronger resistance around $0.4880, aligning with the 50% Fibonacci retracement level of the previous decline. A decisive break above $0.4880 could pave the way toward the $0.4920 level.

Should XRP close above the $0.4920 resistance, it could trigger a move higher. Subsequent resistance would be $0.50, and clearing this hurdle could lead XRP to test the $0.5050 resistance level. A further rise might aim for the $0.5250 level.

Potential Downside Risks

If XRP fails to overcome the $0.4850 resistance, it might face further declines. The initial support level to watch is near $0.4750.

Breaching the $0.470 support level could accelerate losses, potentially pushing XRP down to retest the $0.4550 support level.

Technical Indicators Overview

Hourly MACD – The MACD for XRP is currently losing momentum in the bearish zone, indicating a possible continuation of downside pressure.

Hourly RSI – The Relative Strength Index (RSI) for XRP is below the 50 mark, suggesting weakened buying interest.

Key Support Levels – $0.4750 and $0.4700.

Key Resistance Levels – $0.4850 and $0.4920.

Conclusion

In summary, XRP is struggling to maintain upward momentum against formidable resistance levels. While short-term recovery is possible, sustaining gains above $0.4850 and eventually $0.50 is crucial for any significant bullish outlook. Investors should closely monitor these resistance and support levels to strategize their trading decisions effectively.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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