XRP Price Prediction – Chances Of Steep Decline If It Closes Below This Level
17 October 2023 - 4:18PM
NEWSBTC
XRP price is attempting a fresh increase from $0.4730 against the
US Dollar. The price could climb toward $0.5320 unless there is a
downside break below $0.4880. XRP is struggling to gain pace above
the $0.5065 resistance against the US dollar. The price is now
trading below $0.500 and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance
near $0.4915 on the 4-hour chart of the XRP/USD pair (data source
from Kraken). The pair might continue to move down if it breaks the
$0.4880 support zone. XRP Price Eyes Recovery After a steady
decline, XRP found support near the $0.4730 zone. The price started
a recovery wave above the $0.480 level, like Bitcoin and Ethereum.
There was a move above the $0.4880 resistance. The bulls pushed it
above the 23.6% Fib retracement level of the main drop from the
$0.5510 swing high to the $0.4730 low. Besides, there was a break
above a major bearish trend line with resistance near $0.4915 on
the 4-hour chart of the XRP/USD pair. However, the bears remained
active above the $0.500 resistance zone. The price is now trading
below $0.500 and the 100 simple moving average (4 hours). On the
upside, immediate resistance is near the $0.500 level. The first
major resistance is near the $0.5065 level and the 100 simple
moving average (4 hours) or the 50% Fib retracement level of the
main drop from the $0.5510 swing high to the $0.4730 low. Source:
XRPUSD on TradingView.com A close above the $0.5065 level could
send the price toward the $0.521 resistance. A successful break
above the $0.521 resistance level might start a strong increase
toward the $0.550 resistance. Any more gains might send XRP toward
the $0.585 resistance. More Losses? If XRP fails to clear the
$0.5065 resistance zone, it could continue to move down. Initial
support on the downside is near the $0.488 zone. The next major
support is at $0.4730. If there is a downside break and a close
below the $0.4730 level, XRP price might accelerate lower. In the
stated case, the price could retest the $0.4320 support zone.
Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now
losing pace in the bullish zone. 4-Hours RSI (Relative Strength
Index) – The RSI for XRP/USD is now above the 50 level. Major
Support Levels – $0.488, $0.473, and $0.432. Major Resistance
Levels – $0.5065, $0.5210, and $0.550.
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