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HomeAltcoin NewsXRP Price Analysis: Bulls Aim Recovery To $0.58

XRP Price Analysis: Bulls Aim Recovery To $0.58

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  • XRP price is attempting a recovery wave from the $0.3850 zone against the US dollar.
  • The price is now trading below $0.550 and the 55 simple moving average (4 hours).
  • There was a break below a key bullish trend line with support near $0.600 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase if it clears the $0.5150 resistance.

XRP price is consolidating near $0.500 against the US Dollar, like Bitcoin. It must stay above the $0.4580 support to start a fresh increase.

XRP Price Analysis

This past week, XRP price made another attempt to clear the $0.6420 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.6420 and started a sharp decline.

There was a move below the $0.600 and $0.550 support levels. Finally, the bulls were active above the $0.3850 support. A low has formed near $0.3875 and the price is now correcting losses. There was a move above the $0.450 resistance zone.

The price climbed above the 23.6% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low. XRP is still trading above $0.550 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near $0.5150. It is also near the 50% Fib retracement level of the downward move from the $0.6420 swing high to the $0.3875 low. The next major resistance is near the $0.550 level.

The first major resistance is near the $0.5850 zone. A clear move above the $0.5850 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.6250 zone and test $0.6420. Any more gains might send the price toward the $0.700 resistance.

Initial support on the downside is near the $0.4580 level. The next major support is near the $0.420 level. Any more losses could lead the price toward the $0.400 level, below which the price might even test the $0.3850 support zone in the near term.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading below the $0.550 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $0.5150 resistance.

Technical indicators

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 – $0.4580, $0.4200, and $0.400.

Key Resistance Levels – $0.5150 and $0.550.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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