$XRP Price Recovery Could Soon Fade, These Are Key Levels To Watch
XRP faces challenges surpassing the $0.5140 resistance, with a recovery dependent on maintaining support above $0.4550.
Recovery Efforts:
- XRP aims for a rebound above $0.450 but remains below $0.550 and the 100 simple moving average. A bearish trend line poses resistance at $0.5440, with a breach of $0.4550 support potentially leading to further downside.
Recent Trends:
- After hitting resistance at $0.6420, XRP dipped below $0.500 before testing $0.3880 and initiating a recovery. It surpassed $0.40 and $0.450, breaching the 23.6% #Fibonacci retracement level.
Potential Upside:
- Surmounting $0.5140 and the 50% Fibonacci retracement level at $0.540 could signal a resurgence. However, a crucial bearish trend line at $0.5440 presents a significant challenge. Breaking above $0.540 may drive XRP toward $0.600 and potentially $0.6240, with further momentum targeting $0.700.
Potential Downturn:
- Failure to surpass $0.5440 could lead to further declines. Initial support is at $0.480, with a critical level at $0.4550. A breach below $0.4550 may accelerate declines towards $0.420.
Technical Indicators:
The 4-hour MACD indicates waning bearish momentum, while the RSI below 50 suggests prevailing bearish sentiment.
Support and Resistance Levels:
- Support: $0.480, $0.4550, $0.420
- Resistance: $0.5140, $0.5440, $0.600
Source - newsbtc.com
