Last week, Ripple’s value attempted to break above the $0.5400 threshold against the US Dollar. However, the XRP/USD pair failed to achieve bullish momentum and reached a high of approximately $0.5380. Subsequently, it dropped below the $0.5000 support zone, indicating a shift to a bearish trend. The downward spiral intensified, with the price plunging beneath the $0.480 support level. Additionally, a critical bullish trend line with support around $0.5100 on the XRP/USD pair’s 4-hour chart broke.
The price reached a low of around $0.4403, and it is presently correcting its losses. It is trading above $0.500 and the 55 simple moving average (4 hours). Moreover, there was a slight rise over the 23.6% Fib retracement level of the downward move from the $0.5382 swing high to the $0.4403 low.
The price is currently facing resistance near $0.4990 and the 50% Fib retracement level of the downward move from the $0.5382 swing high to the $0.4403 low. The immediate resistance is at the $0.500 level, and breaking above this level could trigger a fresh upswing. This would allow the price to surpass the $0.5200 resistance level and possibly reach the $0.540 resistance level. Conversely, if the price drops below $0.450 support, the next major support will be at $0.440 level, and further losses could send it to the $0.420 level, or even test $0.4000. The MACD for XRP/USD is now losing momentum in the bearish zone, and the RSI for XRP/USD is below the 50 level. Therefore, if the price remains below the $0.500 resistance zone, it is likely to continue its downward momentum.
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.4500, $0.4400, and $0.4200.
Key Resistance Levels – $0.4990 and $0.5000.