Ripple token price is holding the USD 0.485 support against the US dollar. XRP price could spark a recovery wave if it clears USD 0.510 and USD 0.525.
- Ripple token price is struggling to recover above USD 0.510 and USD 0.525 against the US dollar.
- The price is now trading below USD 0.520 and the 100 simple moving average (4 hours).
- A major bearish trendline is present with resistance near USD 0.5020 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could drop again if it stays below $0.525 in the near term.
Ripple’s Token Price Eyes Recovery
Over the past few days, Ripple’s XRP has seen a steady decline against the USD 0.550 resistance against the US dollar. The price declined below the USD 0.532 and USD 0.525 support levels.
It even peaked below the USD 0.500 support. A low is forming near USD 0.4863 and the price is now trying to make a recovery wave just like Bitcoin and Ethereum. It is now trading near the 23.6% Fib retracement level from its recent fall from the $0.5490 swing high to the $0.4863 low.
XRP is now trading below USD 0.520 and the 100 simple moving average (4 hours). It is also trading near a major bearish trendline with resistance near USD 0.5020 on the 4-hour chart.
Initial resistance on the upside is near the USD 0.502 zone and trendline. The next major resistance is near the $0.518 level or the 50% Fib retracement level from the recent drop from the $0.5490 swing high to the $0.4863 low.
Source: XRPUSD at TradingView.com
The main resistance is forming around USD 0.525. A successful break above the USD 0.525 resistance level could push the price towards the USD 0.532 resistance. Further gains might require a test of the USD 0.550 resistance.
Another Drop in XRP?
If Ripple fails to break the USD 0.525 resistance zone, it could spark another decline. The initial downside support is near the USD 0.490 zone.
The next major support is at USD 0.485. If there is a downside break and a close below the USD 0.485 level, XRP price could extend losses. In the said case, the price might retest the $0.450 support zone.
Technical indicators
4-Hour MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key Support Levels – USD 0.490, USD 0.485 and USD 0.450.
Key resistance levels – $0.518, $0.520 and $0.550.