2023-4-7 08:44 |
Ripple started a downside correction below the $0.5350 level against the US Dollar. XRP price must stay above $0.50 and $0.482 to start a fresh increase in the near term.
Ripple started a downside correction from the $0.5850 resistance against the US dollar. The price is now trading above $0.482 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.500 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair might start a fresh increase unless there is a break below $0.482. Ripple Price Revisits Key SupportThis past week, ripple’s XRP climbed above the $0.5400 resistance against the US Dollar, outperforming Bitcoin and Ethereum. The price even spiked above $0.565 before the bears appeared.
It started a downside correction from the $0.5847 high. The price declined below the $0.565 and $0.550 levels. Finally, the bulls appeared near $0.500 and $0.482. A low is formed near $0.4822 and the price is now consolidating losses.
There was a minor increase above the 23.6% Fib retracement level of the downward move from the $0.5847 high to the $0.4822 low.
XRP price is now trading above $0.500 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.500 on the 4-hours chart of the XRP/USD pair. On the upside, an initial resistance is near the $0.5200 zone.
Source: XRPUSD on TradingView.com
The first major resistance is near the $0.5350 level. It is near the 50% Fib retracement level of the downward move from the $0.5847 high to the $0.4822 low. A successful break above the $0.535 resistance might send the price toward the $0.550 resistance. Any more gains might send the price toward the $0.585 level.
Are Dips Supported in XRP?If ripple fails to clear the $0.535 resistance zone, it could continue to move down. Initial support on the downside is near the $0.4980 level and the trend line.
The next major support is near $0.482. If there is a downside break and a close below the $0.482 level, XRP’s price could extend losses. In the stated case, the price could test the $0.420 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, $0.482, and $0.420.
Major Resistance Levels – $0.520, $0.535, and $0.585.
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