Key Takeaways:
- XRP is struggling to stay above the $0.4610 support.
- It traded below a key bullish trend line with support near $0.4740 on the 4-hour chart.
- A sharp decline could be if the bears push the price below $0.450.
NEW DELHI (CoinChapter.com) — Ripple’s XRP is decreasing from $0.4965. The price must stay above the $0.4500 support to avoid a major downside break.
Ripple’s XRP Price Turns Red
In the past few days, XRP price made several attempts to clear the $0.4965 and $0.5000 resistance levels against the US Dollar. The bulls failed to gain strength, and the price remained below $0.5000.
The recent high was around $0.4965 before the price reacted to the downside, similar to Bitcoin and Ethereum. There was a break below the $0.4800 support level. The price traded below the 50% Fib retracement level of the upward move from the $0.4506 swing low to the $0.4965 high.
Besides, the price traded below a key bullish trend line with support near $0.4740 on the 4-hour chart. It trades well below the $0.480 level and the 50 simple moving average (blue, 4 hours).
The bulls seem to be protecting the $0.4610 support. It is close to the 76.4% Fib retracement level of the upward move from the $0.4506 swing low to the $0.4965 high. The main support is near the $0.4500 level.
A close below $0.4500 may perhaps start a major decline. In the stated case, XRP might test the $0.420 support. Any more losses could open the doors for a move toward the $0.400 level.
Another Attempt by the Bulls?
If not, the bulls could attempt a new increase from $0.4610. Immediate resistance is near the $0.480 level and the 50 simple moving average (blue, 4 hours). The next major resistance is near the $0.4965 level.
A close above the $0.4965 resistance might start a steady increase. The next key resistance sits near the $0.5220 level. The price may rise to $0.540 or even $0.550 in the stated case.
The XRP price shows a few bearish signs below the $0.480 resistance zone. If the bulls struggle to keep the price above $0.450, there is a risk of a sharp decline toward the $0.420 support. Conversely, a new increase toward the main resistance might be at $0.4965.
