Key Takeaways:
- XRP price struggles to recover above the $0.52 and $0.55 resistance levels.
- A major bearish trend line is forming with resistance near $0.512 on the 4-hour chart.
- The price could rally above $0.52 or drop further toward the $0.45 support.
NEW DELHI (CoinChapter.com) — XRP price faces many hurdles near $0.52. The price could decline sharply if a break is below the $0.486 support.
Ripple’s XRP Price Faces Uphill Task
This past week, XRP price attempted an upside break above the $0.550 resistance zone. However, the bears protected a breakout, and the price faced rejection.
As a result, there was a fresh bearish wave from the $0.5501 high, like Bitcoin, Ethereum, and other altcoins. The bears dragged the price below the $0.520 support and the 50 simple moving average (blue, 4 hours).
The recent decline was such that the price spiked below $0.50. It retested the $0.486 support zone. A low has formed near $0.4863, and the price consolidates losses.
There was a minor increase above the 23.6% Fib retracement level of the downward move from the $0.5501 swing high to the $0.4863 low. XRP price is now trading below the $0.52 level and the 50 simple moving average (blue, 4 hours).
Immediate resistance is near the $0.510 level. A major bearish trend line is forming with resistance near $0.512 on the 4-hour chart. The first major resistance could be $0.52 and the 61.8% Fib retracement level of the downward move from the $0.5501 swing high to the $0.4863 low.
If there is a close above the $0.52 resistance, the price may rise toward the $0.535 level. The next major resistance is near the $0.550 level. A close above the $0.550 resistance might resend the price toward the $0.585 level.
Any more gains could open the doors for a move toward the $0.60 resistance in the near term.
More Downsides?
Conversely, XRP might fail to clear $0.52 and start another decline. Immediate support sits near the $0.486 level. The next major support might be $0.480, below which there is a risk of a drop toward the $0.450 support. Any more losses might open the doors for a test of $0.418.
Overall, XRP price is trading showing signs of struggle below $0.52 and $0.55. The price must settle above $0.52 to start a fresh increase and surpass $0.55. Conversely, there could be a sharp decline toward the $0.45 support.
