XRP Price Prediction: Ripple Near Make-or-Break Levels, $0.5 Is The Key
07 April 2023 - 3:44PM
NEWSBTC
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
Support This 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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