Ripple token price struggles to recover above $0.510 and $0.525 against the US dollar. The price is now below $0.520 and the 100 simple moving average (4 hours). On the 4-hour chart of the XRP/USD pair (data source from Kraken), there is a major bearish trend line with resistance near $0.5020. The pair could initiate another decline if it remains below $0.525 in the short term.
In recent days, Ripple's XRP has seen a steady decline from the resistance of $0.550 against the US dollar. The price fell below the support levels of $0.532 and $0.525. It even dropped below the $0.500 support. Near $0.4863, a low is formed, and the price is now attempting a recovery wave, along with Bitcoin and Ethereum. It is currently trading near the 23.6% Fib retracement level of the recent decline from the swing high at $0.5490 to the low at $0.4863.
XRP is now trading below $0.520 and the 100 simple moving average (4 hours). Additionally, it is trading near a significant downward trendline with resistance near $0.5020 on the 4-hour chart.
The initial resistance to the upside is near the $0.502 zone and the trendline. The next major resistance is near the $0.518 level or the 50% Fib retracement level of the recent decline from the swing high at $0.5490 to the low of $0.4863.
The main resistance is formed at $0.525. A successful break above the $0.525 resistance level could propel the price towards the $0.532 resistance level. Further gains could require a test of the $0.550 resistance level.
Should Ripple fail to overcome the $0.525 resistance zone, there could be further downside. The first support to the downside is near the $0.490 zone.
The next major support is at $0.485. If there is a downside break and a close below the $0.485 mark, the XRP price could extend its losses. In that case, the price may retest the support zone of $0.450.
Technical Indicators
4-hour MACD - The MACD for XRP/USD is now losing momentum in the bearish zone.
4-hour RSI (Relative Strength Index) - The RSI for XRP/USD is now below the 50 level.
Key support levels - $0.490, $0.485, and $0.450.
Key resistance levels - $0.518, $0.520, and $0.550.
